Scott Landress

My Career

Not all web posts are reliable, and rarely are they complete. I am posting my career summary here for people close to me.

1. My Training

Recognized by Columbia Business School as my MBA class's Real Estate Merit Scholar and 25th Reunion Chairperson, I started with nothing, and came to earn the trust and confidence of the world's most powerful investors, bankers and managers.

In 1974, I declared financial independence as a minor. Through 1984, I had many different businesses and jobs that taught me the value of hard work, innovation and integrity. It all began with driving a meat delivery truck for my Dad.

From 1982 to 1986, during and after my architecture (BA) and engineering (BS) studies, I worked as an aerospace engineer.  Starting with the title Junior Rocket Scientist, I also helped a professor win a NASA grant for International Space Station design, and was awarded Top Secret federal clearance to work on President Reagan's "Star Wars" missile defense system.

My best work involved using mainframe computers to size rocket engines and test zero-gravity workstation designs. I also enjoyed designing and building an innovative sling bridge, and working as a metallurgist for a hydro-electric utility in Sweden. 

In 1984, I was recruited by a leading aerospace government contractor.

In 1985, I was recruited to teach the law (LSAT) and business (GMAT) school admission tests after hours. 

From 1986 to 1988, I went to business school for real estate finance. For fun, I wrote, acted, directed and co-produced an Off-Broadway edition for our Follies spoof shows.

From 1986 to 2013, I first assisted and then mostly led the acquisition, financing and management of billions in global real estate investments for top tier investment banks and managers. I also spent decades serving on investment committees, voting on billions more in my colleagues' investments. I enjoyed speaking at conferences globally and publishing industry white papers.

In 1988, I was recruited by a leading real estate investment firm.

In 1989, I helped run my first real estate secondary investment, the $600 million GP-led recapitalization of a trophy office building. All these years later, that would still be considered a very large secondary investment.

In 1991, I co-founded an RTC-focused "vulture capital" fund. I was in charge of finding, underwriting and closing the deals. We did not close much, but I learned plenty.

In 1993, I was recruited by a leading investment bank as one of ten people globally developing the multi-trillion dollar Commercial Mortgage-Backed Securities industry. I underwrote and approved mortgage loans and other investments, and helped educate CMBS investors and rating agencies. We also financed and brought public new-style Real Estate Investment Trusts, and formed a ground-breaking mezzanine fund with similarities to secondary investment funds. 

In 1998, I was recruited as the Global Head and Managing Director of real estate investment banking at the nation's largest commercial bank. I made the bank lots of money, but grew bored and pulled my parachute.

2. My Company

In 2001, I hatched the idea for Liquid Realty Partners (Liquid), the first and only private equity firm dedicated exclusively to real estate secondaries investing. By "secondaries", I mean we bought stakes in established real estate funds (LP-led), and put fresh money into tenured real estate deals (GP-led).

I wrote Liquid's original business plan in my cluttered California garage. The strategy works spot-on to this day. My grade school daughter cleverly named the firm, and her concentric doodle warped into Liquid's logo.

From Liquid’s founding in 2001 through my retirement in 2012, I focused on strategy, fundraising and investments, and delegated Liquid’s accounting, reporting, compliance and other back-office functions to employees. I raised $1.5 Billion and led most of Liquid's investments. My investments out-performed the market. 

In 2006, I made a GP-led secondary investment in a high quality portfolio of United Kingdom real estate trusts. It was nominated deal of the year, and stood as the largest deal of its kind globally for ten years.

From 2005 to 2009, employee-led investment losses joined with investor reporting complaints and a disruptive key-man departure quashed Liquid’s chances of raising a fifth fund.

In 2012, I decided to retire from the investment industry, severanced all but one employee, and commenced Liquid’s wind-down.

Later in 2012, Liquid sued former investment and reporting employees for theft of trade secrets, breach of duty and contract, and interference with Liquid's business.

In 2013, I completed Liquid’s transaction services for its 2006 investment, charged a fee, and reported it to all investors.

In 2014, Liquid sued a handful of investors for trying to evade Liquid’s fee. 

In 2017, federal investigators accused Liquid and me of inadequate prior reporting of Liquid’s fee.

The post-retirement resolution of those disputes netted tens of millions paid to Liquid. I could apply any time to re-enter the investment industry, and it is easier to do than ever, but I remain fully retired.

3. My Gratitude

I am ever grateful for my incredible investment career—the challenge of developing large-scale investment products, the privilege of being of service to some of the world’s largest investors, and the many good friends I made along the way.

As for the very few who disappointed, I thank them for the opportunity to practice humility and compassion.

Om shanti shanti shanti...