# GEM Realty Capital

GEM Realty Capital is a Private Equity based in Chicago, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** gemrc.com
- **LinkedIn:** https://www.linkedin.com/company/gem-realty-capital-inc

## Regulatory record

- **CRD number:** 157210
- **SEC file number:** 801-73628
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/157210

## About

GEM Realty Capital is an SEC-registered investment adviser in Chicago, IL, registered since 2012. The firm manages approximately $6.3 billion in assets. It has 69 employees and 28 investment advisers.

## Sectors

- Real Estate
- Venture Capital
- Growth Equity

## People

- Jonathan Disner — Managing Principal

## Questions

### Who runs investment decisions at GEM Realty Capital?

Jonathan Disner, the firm's founder and managing principal, leads investment decisions across both the real estate and venture capital platforms. Disner established the firm in 1993 and has maintained a hands-on role in portfolio construction, deal sourcing, and capital allocation. The firm operates with a lean senior team and does not publicly disclose a separate CIO or investment committee structure.

### How does GEM Realty Capital source real estate and venture deals?

GEM sources real estate opportunities through a network of regional operators, property managers, and direct market relationships built across three decades of Chicago-based activity. Venture investments are sourced primarily through co-investment relationships with top-tier venture firms. The firm does not publicly disclose whether it accepts direct founder-led deal flow outside its GP network.

### Does GEM run its real estate and venture strategies in separate funds?

No — GEM's distinctive structure runs real estate and venture allocations inside the same pooled fund vehicles. Property income and sale proceeds cover venture capital calls, and venture distribution proceeds recycle back into real estate acquisitions. This cross-strategy capital recycling is rare among institutional private equity managers.

### What types of real estate does GEM target?

GEM targets value-add and opportunistic properties across office, retail, multifamily, hotel, and mixed-use sectors. The firm focuses on assets requiring repositioning, lease-up, or capital restructuring, primarily in major US metropolitan markets. GEM maintains its own property management capabilities for directly owned assets.

### Does GEM Realty Capital accept outside investors?

Yes. GEM raises capital from institutional limited partners including pension funds, endowments, and family offices through its commingled real estate funds. The firm does not publicly disclose its current LP base or minimum commitment size.

## Related profiles

- [Gemmes Venture](https://altss.com/profile/gemmes-venture)
- [Gemseki Investment](https://altss.com/profile/gemseki-investment)

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Last updated: 2026-06-03T20:00:00.000Z

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