TSG, formerly The Solution Group, brings on new equity partner
Jorge Escobar is now a 50 percent owner of TSG, formerly The Solution Group, the company announced on Thursday.
Escobar, most recently the global market head of HSBC in Chile, is now an equal partner of the Design District-based real estate development, investment and sales company along with Camilo Lopez, founding partner and CEO. Escobar will focus on the investment side of the business – raising equity, investors and setting up an institutional investment platform, he told The Real Deal.
At HSBC, Escobar was responsible for more than $1.5 billion in funds for high net-worth clients. Before that, he headed ABN AMRO Bank in Chile. “It was the right moment to capitalize on [my] network in a more direct way,” he said.
Escobar joined TSG in June, according to his LinkedIn profile. He declined to name terms of the deal.
TSG said in a press release that the company will focus on expanding its international network. The developer plans to soon break ground on Ofizzina, an office condo project in Coral Gables. It also owns land in the city of Miami, including the Design District and along the Miami River, and recently completed Cassa at Georgetown, a Lauderhill townhome project.
Lopez will continue to work on the real estate side of the business, including deal flow and development, Escobar said. In the Design District, the company is planning a retail project on North Miami Avenue.
Escobar will target high-net-worth families, family offices and investors in Latin America and Europe, including London. He said there’s a big appetite, especially in Latin America, to invest in U.S. real estate.
“After 20 years in the banking industry and seeing the people I’ve been working for and investing for, it was a natural move for me,” he said.