Fundamental Real Estate Investment Partners is a Chicago based, privately held real estate investment and asset management firm focused on portfolio creation and proprietary acquisition relationships across the US.

The firm drives its investment returns by focusing on proprietary off-market acquisition pipelines, targeting properties that can generate operational and exit value through portfolio consolidation, and the ability to deliver durable cash flows through multiple performance scenarios.

Our expertise

Fundamental seeks to deliver attractive risk-adjusted returns with a focus on long-term capital preservation and appreciation, along with stable and growing cash flow streams. We partner with best in class regional operators as well as completing direct wholly-owned and managed acquisitions. The firm drives its investment returns through sourcing proprietary off-market acquisition programmes, focusing on real estate asset types that can generate operational and exit value through larger portfolio consolidation; and ensuring our properties can deliver durable cash flows through multiple performance scenarios.

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Our team

Fundamental has expertise throughout the capital structure and invests by way of both equity or mezzanine debt structures, and is currently investing in income producing property throughout the US on behalf of institutions, family offices, and other high net worth investors.

Investment Management

  • Paul Simcox CEO and Managing Partner

    Mr. Paul Simcox is the founder of NorthHaven Capital Group, a private equity, real estate and mortgage investment and advisory firm focused on multi-year corporate and portfolio mandates, as well as new platform creation, investment and growth. He is also the CEO and co-founder of Distrikt Capital, a Toronto-based firm focused on multi-family residential and land development where he serves as general partner for Distrikt and its partners investments, as well as manage the execution of acquisition, capital structure and asset management strategy.

    Prior to his work with NorthHaven, Mr. Simcox co-founded and was Executive Vice President and member of the Board of Trustees for Whiterock REIT, a TSX listed firm (WRK.UN) acquired in 2012 by Dundee REIT for over $1.4 billion. Over the course of his tenure, Whiterock grew from a new startup with $3 million in assets to a national real estate platform with office, industrial, and retail assets in nearly every province in Canada.

    Prior to the formation of Whiterock, Mr. Simcox was in real estate investment banking at Credit Suisse First Boston and Donaldson Lufkin & Jenrette in New York, and later real estate private equity at JPMorgan Partners. He also serves as a member of the Board of Trustees for Maplewood REIT listed on the TSXV.

    Paul has a HBA from the Richard Ivey School of Business, where he graduated with honours.

  • Cory Capland Senior Associate

    Mr. Cory Capland is a Senior Associate with Fundamental Real Estate Investment Partners, focused on new investment underwriting and acquisitions, as well as corporate development and management of Fundamental’s existing real estate investment portfolio.

    Prior to joining Fundamental, Mr. Capland was an Investment Analyst at Bridgeport Asset Management, a leading Toronto-based investment firm managing discretionary HNW and UHNW capital across several proprietary investment funds, including both public, private and alternative income products. Mr. Capland was responsible for conducting asset management and research across Bridgeport’s existing portfolio of US and Canadian real estate securities including REIT’s, REOC’s, MIC’s and private mortgages, as well as due diligence and review of new real estate investment opportunities.

    Prior to his work with Bridgeport, Mr. Capland held analytical roles at Dominion Bond Rating Service (DBRS), CPP Investment Board, and UBS Wealth Management, which spanned corporate credit analysis, public market equity investing, and alternative investment fund due diligence.

    Mr. Capland is also serves on the investment team at NorthHaven and Distrikt Capital, Fundamental’s operating affiliates. Cory holds a Honours Bachelor of Business Administration (HBBA) degree from Wilfrid Laurier University and is a CFA Charterholder.

  • Milla Velblum Controller

    Ms. Milla Velblum is the Controller for Fundamental’s limited partnerships and is responsible for all corporate and fund level financial reporting and forecasting. Milla has been with Fundamental Real Estate Investment Partners since 2019.

    Prior to joining Fundamental Real Estate Investment Partners, Ms. Velblum was the Fund Controller for Next Realty, a Chicago-based real estate private equity investment and operating company specializing in value add retail, industrial, parking and medical office. While at Next Realty, Milla was responsible for leading the accounting and financial reporting for all of Next Realty’s real estate investment funds totaling over $250 million of internally managed and leased properties.

    Ms. Velblum also worked at Green Courte Partners, a real estate platform investment firm where she specialized in accounting, financial reporting, treasury management and budgeting.

    Milla is a Certified Public Accountant, a member of the American Institute of Certified Public Accountants, and a member of the Illinois CPA Society. Milla holds a BA in Economics from Plekhanov Russian University of Economics in Moscow, Russia.

  • Antonio Niro Director of Real Estate

    Mr. Antonio Niro is a Director of Real Estate for Fundamental Real Estate Investment Partners, focused on new investment underwriting, existing portfolio asset management and corporate development.

    Prior to joining Fundamental Real Estate Investment Partners, Mr. Niro was at Granite REIT (TSX:GRT.UN), a publicly traded entity that owns and manages an international NNN focused portfolio comprised of over 35 million square feet of Class A industrial as well as purpose built manufacturing and distribution facilities. At Granite, he was part of a team responsible for the acquisition and development of industrial and special-use NNN properties both in North America and internationally. He was also engaged with the asset management, leasing, and corporate strategy initiatives for the REIT.

    Prior to his work with Granite REIT, Mr. Niro worked at Deloitte & Touché in the Real Estate Assurance & Advisory Group where he earned a Chartered Professional Accountant, C.A. designation.

    Mr. Niro also serves on the investment teams at North Haven and Distrikt Capital Fundamental’s operating affiliates. . He holds an Honours Bachelor of Business Administration degree from the Schulich School of Business at York University and is a CFA Charterholder.

Executive Partners

  • Enzo A. D'Angelo Co-Chief Executive Officer and Managing Partner OF TDP Fund

    Enzo is Co-Chief Executive Officer, Managing Partner, and Co-Founder of Tyree & D’Angelo Partners. Along with Michael, Enzo manages all day to day aspects of the firm and oversees all phases of Tyree & D’Angelo Partners while also serving as a member of all portfolio company boards.

    Enzo brings almost two decades of leading private equity investment and corporate finance experience. He previously worked at Norwest Equity Partners which managed $5 billion of investment capital from Minnesota, Wind Point Partners which managed $2 billion of investment capital from Illinois and Michigan, and American Securities which managed $2 billion of investment capital from New York. Prior to entering the private equity industry, Enzo focused on corporate finance merger & acquisition advisory and lending for private equity investments while at Credit Suisse investment banking in New York.

    Enzo holds an MBA with honors from the Kellogg School of Management at Northwestern University, is a Chartered Financial Analyst, and received an undergraduate business degree with honors from the Richard Ivey School of Business at the University of Western Ontario.

  • Michael J. Tyree Co-Chief Executive Officer and Managing Partner OF TDP Fund

    Michael is Co-Chief Executive Officer, Managing Partner, and Co-Founder of Tyree & D’Angelo Partners. Along with Enzo, Michael manages all day to day aspects of the firm and oversees all phases of Tyree & D’Angelo Partners while also serving as a member of all portfolio company boards.

    Michael has almost two decades of leading private equity investment and corporate finance experience. He previously worked at Flexpoint Ford which managed $1 billion of investment capital from Illinois and New York and was one of the initial investment professionals hired. Michael also worked at Stark Investments in Wisconsin, at the time a $15 billion hedge fund investing in equity securities. Prior to entering private equity, Michael worked in corporate finance and merger & acquisition advisory for different sized healthcare companies while at Lazard investment banking in New York.

    Michael holds an MBA from the Kellogg School of Management at Northwestern University and an undergraduate double major in economics and biological sciences with Phi Beta Kappa and Student Marshal distinction from the University of Chicago.

Get in touch

111 E Wacker Dr., Suite 1200
Chicago, IL 60601


Fundamental is an affiliated operating platform of NorthHaven Capital Group.

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