Since 2001, Stephen Perlmutter has been a Managing Director of PIC. Stephen is responsible for Business Development and Investment Management, including directing PIC’s residential activities. Before joining PIC, he previously spent 20 years at Heitman, including fifteen years working extensively with many of America’s largest pension plans and retirement systems, serving as Co-Chairman of Heitman’s institutional advisory business, overseeing a real estate portfolio of more than $13 billion. From 1995 through 2001, he established Heitman International. Capitalizing on the changing economic fundamentals in Central Europe, he helped build Heitman International into a leading investment management company in the region, with real estate assets of more than $1 billion in Poland, the Czech Republic and Hungary. In 2000, Stephen and his team organized Heitman Central Europe Property Partners, a $500 million Luxembourg-based fund, which included investors from around the world. During his career, Stephen has been involved in over $5 billion of real estate transactions. Stephen is a member of the Pension Real Estate Association.