David Ziegler Email and Phone Number

Boutique firm providing strategic business, accounting and tax advisory services to the real estate private equity sector and real estate industry. Deep industry expertise of middle and back-office functions, including accounting and financial reporting, tax structuring and reporting, portfolio management and valuation, treasury and finance, hedging and risk management, and administration functions. Services are provided over the entire life cycle of private equity funds, from initial fund structuring and launch, to investment and value creation phase, to monetization and “end of term” phase, including GP-led fund recapitalizations and full wind-down support. • Advised regarding regulatory compliance and filing requirements in the United States [Registered Investment Advisor (“RIA”) Regulations with SEC] and in the Cayman Islands [Private Funds Regulations with Cayman Islands Monetary Authority (“CIMA”)], including Form ADV and Form PF filings with SEC, FAR filings with CIMA, and FATCA/CRS filings with tax authorities.• Assisted with quarterly updates to investment fair value and waterfall carried interest calculations.• Performed tax rate calculations in conjunction with tax distributions to carry participants.• Advocated proper interpretation of governing documents, including limited partnership agreements and investment management agreements, with fund legal counsel.• Reviewed annual U.S. tax compliance filings, including investor K-1 reporting and tax returns.• Coordinated with Cayman Islands Registrar and Transfer Agent and fund administrator regarding investor transfers.

Partner providing business advisory, accounting and tax advisory services to real estate private equity clients.• Provided transaction support services for General Partner-led recapitalization of a major investment through a continuation vehicle ($650 million), including recommending transaction structuring alternatives, performing critical detailed review of step plan, transaction legal documents and investor solicitation materials, and advising on financial analysis and strategic transaction issues impacting investors.• Advised emerging real estate fund sponsors on key strategic and operational issues, through review of preliminary term sheets, private placement memorandums and investor marketing materials.• Provided tax compliance support services, including review of workpapers and investor tax reporting forms.

Alpine Grove Partners (formerly Grove International Partners) is a real estate private equity firm executing an opportunistic and value-add investment strategy, primarily in Europe, Japan and the United States, that has raised $5+ billion of equity capital across multiple funds, co-investment vehicles and separate accounts. • Led implementation of the real estate private equity sector’s first significant General Partner-led fund recapitalization ($2+ billion); developed innovative legal structure, addressed key commercial and tax considerations impacting investors, worked closely with attorneys, tax advisors and investment bankers.• Responsible for managing accounting and financial reporting, tax, portfolio management and valuation, treasury and finance, hedging and risk management, and administration functions.• Reviewed and provided objective assessment of quarterly fair values prepared by investment professionals.• Conducted process to identify, evaluate, select and implement outsourcing strategy with third-party fund administrators and tax compliance firms, to replace utilizing in-house personnel. • Addressed numerous regulatory and compliance considerations, including establishment of separate account business and examination of registered investment advisor business.

Dune Real Estate Partners is a real estate private equity firm executing an opportunistic investment strategy, primarily in the United States, that has raised over $4 billion of equity capital. • Developed and implemented robust quarterly asset management business plan reporting of investments and related performance metrics, working closely with investment professionals.• Reviewed and evaluated quarterly asset management business plans, including operating and valuation assumptions, and fair values of investments for financial and performance reporting to investors.• Developed customized investment process guidelines for origination, acquisition underwriting, asset management and disposition phases, and comprehensive valuation process guidelines.• Identified operational integration opportunities across the front, middle and back office functions.

Gerson Global Advisors was a start-up strategic investment and advisory firm, providing investment advisory, corporate finance and private equity services, with a focus on the U.S. and MENA regions.• Responsible for implementing and managing all financial, operational and administrative functions, including accounting, tax, treasury and finance, human resources and payroll, legal and compliance, contract and risk management, and information technology.• Developed and implemented legal structure for holding company and domestic operating entities, in contemplation of legal, regulatory, capital, operating and financial considerations. • Addressed complex tax planning, operating and legal considerations for anticipated foreign expansion.

Independent consultant that provided strategic business planning, business process improvements and financial analysis.

• Senior Partner in New York office responsible for global coordination of audit, tax, due diligence, valuation and other advisory services to both private entities and SEC registered public companies.• Served diverse range of clients, including real estate private equity and hedge fund sponsors, investment advisors, pension fund separate accounts, real estate investors/operators and construction companies.• Subject matter specialist in fair value reporting by real estate private equity funds; extensive experience in reviewing fair value of real estate investments in all major asset classes and real estate operating companies, both domestically and globally.• Advised emerging real estate fund sponsors on key strategic and operational issues relating to fund strategy and structure, investor considerations, track record and investor reporting.• Recommended best practices and process improvements to both established and emerging real estate fund sponsors, regarding valuation, internal controls, organizational structure and financial reporting.

• Partner in New York office responsible for executing accounting and audit services, and for coordinating tax and advisory services.• Served diverse range of clients, including real estate private equity fund sponsors, investment advisors, pension fund separate accounts, real estate owners/operators/developers and construction companies.• Directed due diligence reviews for acquisitions of public companies, private entities and real estate asset portfolios. Transaction values of up to $450 million.• Critically reviewed private placement offering memorandums, partnership agreements and SEC registration statements, regarding operational, accounting and tax matters.• Evaluated cash flow, accounting and tax implications of tax structuring and tax planning solutions.• Extensive experience with multiple financial reporting frameworks, including fair value U.S. GAAP (investment company reporting), historical cost U.S. GAAP, federal income tax basis and IFRS.