Great Lakes Capital Management

The firm operates with seven principals who collectively bring nearly 170 years of commercial real estate experience. Martin Huttenlocker, Development Manager, provides direct strategic and analytical support on the development team. Final investment authority is distributed among the seven principals rather than concentrated in a single CIO.

It is a private equity real estate development firm — not a single-family office. The firm raises and deploys capital through closed-end and open-end fund vehicles alongside institutional and private partners, focusing on direct development rather than wealth management for a single family.

The firm operates a mix of vehicles: the open-end GLC Stabilized Income Fund I targeting current-coupon stabilized assets; the GLC Credit Opportunity Fund I investing in performing and non-performing debt; and multiple GLC Acquisitions closed-end funds focused on retail, multifamily, medical office, and hospital properties. It also pursues build-to-suit, joint-venture, restructure, and redevelopment partnerships outside of commingled funds.

The firm does not explicitly list avoided property types, but its disclosed portfolio concentrates on multifamily, industrial, mixed-use, flex, office, medical and life science, and hotel properties. There is no mention of single-family residential, self-storage, data centers, or senior housing in its self-reported pipeline, suggesting those sectors fall outside its current mandate.

The firm invests primarily across Indiana and the broader Midwest. Its three offices in Granger/South Bend, Indianapolis, and Fort Wayne serve as regional hubs for sourcing and managing development projects. Past projects like Wildhorse Hotel, Portage Prairie phases, Toscana, and Bloomington Health reflect a footprint anchored in Indiana markets.

Yes. The firm explicitly seeks build-to-suit, joint-venture, restructure, and redevelopment opportunities with partners, landowners, municipalities, and tenants. It structures its capital to align interests with partner-clients, often serving as the operating partner that handles development execution in-house while sharing economics with co-investors.

One disclosed track record is GLC Acquisitions III, a medical office and hospital-focused closed-end fund that returned all partner capital with an IRR exceeding 80 percent while still in its value-creation stage. The firm has not disclosed performance data for its other vehicles on its website.