NORI GERARDO LIETZ is the founder of Areté Capital, a real estate advisory firm. Until June 2011, Ms. Gerardo Lietz was the chief strategist for private real estate and chairman of the private real estate investment committee of Partners Group, a Swiss based private markets asset manager. Ms. Gerardo Lietz co-founded Pension Consulting Alliance in 1988 and developed its real estate investment management and advisory activities. In that capacity she represented many of the largest real estate investors in the world. Previously, she co-founded Public Storage, Inc., an institutional money management firm deploying pension capital to acquire real estate assets. Furthermore, she was attorney specializing in SEC and ERISA matters on behalf of pension funds, real estate managers and real estate pension consultants. Ms. Gerardo Lietz holds an AB with honors from Stanford University. She also holds a juris doctorate from the UCLA School of Law where she was the Chief Comment Editor of the UCLA Law Review. She is a former member of the Pension Real Estate Association Board of Directors and of the Real Estate Research Institute. Presently, she is a Senior Lecturer at the Harvard Business School, and in 2005 was the Commencement Speaker for the MIT Center for Real Estate. The Private Equity Real Estate Magazine named her one the 30 most influential industry leaders in 2006, the second most influential real estate person globally in 2007, and one of the 10 most prominent women in real estate in 2010.