TISHMAN SPEYER PROPERTIES, L.P.
Adviser information for TISHMAN SPEYER PROPERTIES, L.P. last updated from Form ADV on March 28th, 2024. Select data displayed; additional Form ADV, Form D, Form 13F and other data is available from the Fincoded API.
Advisory Business
| Type of Organization | Limited Partnership |
|---|---|
| Fiscal Year End | DECEMBER |
| Legal Location | New York, United States |
Employees
| Total Number of Employees | 477 |
|---|---|
| Investment Advisory/Research | 187 |
| Registered Broker-Dealer Representatives | 0 |
| Registered State Investment Advisers | 0 |
| Licensed Agents of an Insurance Company | 0 |
| No. of Firms/People that Solicit Clients | 0 |
RAUM
| Provides Management of Securities Portfolios | Yes |
|---|
| Type | Accounts | RAUM |
|---|---|---|
| Discretionary | 78 | $16.1B |
| Non-Discretionary | 0 | $0 |
| Total | 78 | $16.1B |
Clients
| Type | Number | RAUM |
|---|---|---|
| Individuals | 0 | $0 |
| HNW Individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles | 78 | $16.1B |
| Pension and profit sharing plans | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal gov entities | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses | 0 | $0 |
| Other | 0 | $0 |
| Type | Number |
|---|---|
| No. of Non-RAUM Clients | 78 |
| No. of Non-U.S. Clients | 24 |
Services
| Advisory Services | Portfolio management for pooled investment vehicles |
|---|---|
| Compensation | % of AUMPerformance-based feesACQ. FEES; COMP/OVERHEAD REIMBURSEMENT - SEE PART 2A |
| Other Business Activities | Commodity pool operator or commodity trading advisorReal estate broker, dealer, or agent |
Principal Office
45 ROCKEFELLER PLAZANEW YORK
NY
United States
Monday - Friday, 9:00 AM - 5:00 PM
Tel: 212-715-0300, Fax: 212-895-0108
Websites
Chief Compliance Officer
ALEXANDRA VERNOIA
MANAGING DIRECTOR
45 ROCKEFELLER PLAZA
NEW YORK
NY
United States
Tel:
(212) 715-0120
A*******@****************M
(Full email address available in API data)
Industry Affiliates
| 55 HUDSON STREET GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| BREAKTHROUGH SERVICES, L.L.C | Other investment adviser, including financial planners |
| CHRYSLER EAST BUILDING GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| INWOOD INSURANCE COMPANY, INC. | Insurance company or agency |
| SPEYER GP HOLDING, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER ACACIA ASSOCIATES, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER ALTRE U.S. REAL ESTATE ASSOCIATES, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER BRAZIL ASSOCIATES (SCOTS GP) LIMITED | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER BRAZIL ASSOCIATES II, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER BRAZIL ASSOCIATES III, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER BRAZIL ASSOCIATES, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER BRAZIL CLUB ASSOCIATES, L.L.C., | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER CHINA ASSOCIATES (SCOTS GP) LIMITED | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER CHINA ASSOCIATES, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER CORE PLUS PARTNERS GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER DATE PALM ASSOCIATES L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER EUROPE S.A.R.L. | Other investment adviser, including financial plannersCommodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER EUROPEAN REAL ESTATE VENTURE VI (SCOTS GP) LIMITED | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER EUROPEAN VII (DELAWARE GP), L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER EUROPEAN VII (UK GP), .L.L.P. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER EUROPEAN VIII GP, SARL | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER GIF GP L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER INDIA ASSOCIATES, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER INNOVATION SPONSOR II, L.L.C | Sponsor or syndicator of limited partnerships |
| TISHMAN SPEYER MAPLE LEAF ASSOCIATES II, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER MAPLE LEAF ASSOCIATES, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER OAK ASSOCIATES, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER PROPTECH ASSOCIATES, L.P. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER RED PINE ASSOCIATES L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER SCOTS FEEDER (GP) LIMITED | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER SCOTS GP (TSEC) LIMITED | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER STRATEGIC INVESTMENTS (EUROPE) I, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER THEMATIC PLATFORM ASSOCIATES, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER U.S. CO-INVESTMENT ASSOCIATES, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER U.S. OFFICE HOLDINGS GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER U.S. VALUE-ADDED ASSOCIATES VI, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER U.S. VALUE-ADDED ASSOCIATES VIII (SUB), L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER U.S. VALUE-ADDED ASSOCIATES VIII, L.L.C | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER/CITIGROUP ALTERNATIVE INVESTMENTS ASSOCIATES | Sponsor, GP, manager of pooled investment vehicles |
| TISHMAN SPEYER/CITIGROUP ALTERNATIVE INVESTMENTS ASSOCIATES V (DOMESTIC), L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TS 10-30 SOUTH WACKER JV GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TS EUROPEAN IX GP, S.A.R.L | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TS EUROPEAN VI (GP), L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TS EUROPEAN VI AE B (GP), L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 438-444 ELEVENTH AVENUE CAYMAN LIMITED | Sponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 438-444 ELEVENTH AVENUE GP (PHASE I), L.P. | Sponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 509 W 34 GP (PHASE I), L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 509 W 34 GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 D.C. PORTFOLIO GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TSCE 2007 U.S. OFFICE FEEDER, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TSCE JV, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TSEV VII FEEDER GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| TST INTERNATIONAL FUND V CV GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TST INTERNATIONAL FUND V CV-A, GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TST INTERNATIONAL FUND V CV-II, GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TST INTERNATIONAL FUND V, GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| TST NETHERLANDS V GP, L.L.C. | Sponsor, GP, manager of pooled investment vehicles |
| U.S. CORE OFFICE APTWO GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| U.S. OFFICE APTWO JV II GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| U.S. OFFICE HOLDINGS ACCOUNT GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
| U.S. OFFICE HOLDINGS ACCOUNT II GP, L.L.C. | Commodity pool operator or commodity trading advisorSponsor, GP, manager of pooled investment vehicles |
Private Funds
| Name | Type | Assets $USD | Min Investment $USD | No. Owners |
|---|---|---|---|---|
| 10-30 S. WACKER JV, L.L.C. | Real Estate Fund | $289.5M | $290.0M | 2 |
| 438-444 ELEVENTH AVENUE LT FEEDER, L.P. | Real Estate Fund | $12.6M | $0.0M | 9 |
| 438-444 ELEVENTH AVENUE LT JV, L.P. | Real Estate Fund | $26.7M | $0.0M | 22 |
| 509 W 34 ALC PHASE II JV, L.P. | Real Estate Fund | $188.2M | $150.0M | 2 |
| 509 W 34 BPFBOUW PHASE II JV, L.P. | Real Estate Fund | $124.4M | $100.0M | 2 |
| 509 W 34 BW JV, L.P. | Real Estate Fund | $180.5M | $100.0M | 2 |
| 509 W 34 CCP PHASE II JV, L.P. | Real Estate Fund | $124.4M | $100.0M | 2 |
| 509 W 34 GENERAL LAND PHASE II JV, L.P. | Real Estate Fund | $6.2M | $5.0M | 2 |
| 509 W 34 HNA, L.P. | Real Estate Fund | $347.4M | $192.4M | 2 |
| 509 W 34 JM JV, L.P. | Real Estate Fund | $270.8M | $150.0M | 2 |
| 509 W 34 JM PHASE II JV, L.P. | Real Estate Fund | $56.0M | $45.0M | 2 |
| 509 W 34 LKM PHASE II JV, L.P. | Real Estate Fund | $24.9M | $20.0M | 2 |
| 509 W 34 NAEV PHASE II JV, L.P. | Real Estate Fund | $62.2M | $50.0M | 2 |
| 509 W 34 PARTNERRE PHASE II JV, L.P. | Real Estate Fund | $93.3M | $75.0M | 3 |
| 509 W 34 PFS JV, L.P. | Real Estate Fund | $523.5M | $165.0M | 2 |
| 509 W 34 RABAT CAPITAL PHASE II JV, L.P. | Real Estate Fund | $18.7M | $15.0M | 2 |
| 509 W 34 VOGO PHASE II JV, L.P. | Real Estate Fund | $251.0M | $200.0M | 2 |
| 55 HUDSON STREET NAEV PHASE I JV, L.P. | Real Estate Fund | $8.2M | $40.0M | 2 |
| CROSSFIRE JV, L.P. | Real Estate Fund | $240.4M | $5.0M | 3 |
| D.C. AREA PORTFOLIO UPPER TIER JV, L.P. | Real Estate Fund | $195.1M | $5.0M | 4 |
| FUND I EXTENSION, L.L.C. | Real Estate Fund | $126.8M | $5.0M | 41 |
| JL HUDSON STREET JV, L.P. | Real Estate Fund | $3.1M | $15.0M | 2 |
| TISHMAN SPEYER (EXE) INDIA FEEDER, L.P. | Real Estate Fund | $9.7M | $5.0M | 10 |
| TISHMAN SPEYER (IND) INDIA FEEDER, L.P. | Real Estate Fund | $5.3M | $5.0M | 23 |
| TISHMAN SPEYER ACACIA PARTNERS, L.P. | Real Estate Fund | $0.6M | $200.0M | 2 |
| TISHMAN SPEYER ALTRE U.S. REAL ESTATE PARTNERS, L.P. | Real Estate Fund | $11.5M | $200.0M | 1 |
| TISHMAN SPEYER BRAZIL CLUB, L.P. | Real Estate Fund | $37.7M | $12.0M | 6 |
| TISHMAN SPEYER BRAZIL FEEDER (A), L.P. | Real Estate Fund | $7.6M | $5.0M | 59 |
| TISHMAN SPEYER BRAZIL FEEDER (B), L.P. | Real Estate Fund | $16.2M | $5.0M | 10 |
| TISHMAN SPEYER BRAZIL FEEDER (C), L.P. | Real Estate Fund | $5.4M | $5.0M | 1 |
| TISHMAN SPEYER BRAZIL FEEDER (SCOTS/D), L.P. | Real Estate Fund | $2.9M | $5.0M | 2 |
| TISHMAN SPEYER BRAZIL FEEDER II (A), L.P. | Real Estate Fund | $3.2M | $5.0M | 7 |
| TISHMAN SPEYER BRAZIL FEEDER III (A), L.P. | Real Estate Fund | $24.3M | $5.0M | 4 |
| TISHMAN SPEYER BRAZIL FUND II, L.P. | Real Estate Fund | $6.5M | $5.0M | 13 |
| TISHMAN SPEYER BRAZIL FUND III, L.P. | Real Estate Fund | $49.7M | $5.0M | 11 |
| TISHMAN SPEYER BRAZIL FUND, L.P. | Real Estate Fund | $32.2M | $5.0M | 73 |
| TISHMAN SPEYER BRAZIL III (SCOTS), L.P. | Real Estate Fund | $7.4M | $5.0M | 2 |
| TISHMAN SPEYER BRAZIL MASTER FUND, L.P. | Real Estate Fund | $47.7M | $5.0M | 75 |
| TISHMAN SPEYER CHINA FEEDER (A), L.P. | Real Estate Fund | $1.5M | $5.0M | 34 |
| TISHMAN SPEYER CHINA FEEDER (B), L.P. | Real Estate Fund | $7.5M | $5.0M | 39 |
| TISHMAN SPEYER CHINA FEEDER (D), L.P. | Real Estate Fund | $0.9M | $5.0M | 1 |
| TISHMAN SPEYER CHINA FEEDER (SCOTS/C), L.P. | Real Estate Fund | $0.8M | $5.0M | 2 |
| TISHMAN SPEYER CHINA FUND, L.P. | Real Estate Fund | $9.4M | $5.0M | 77 |
| TISHMAN SPEYER CORE PLUS PARTNERS, L.P. | Real Estate Fund | $10.3M | $10.0M | 4 |
| TISHMAN SPEYER DATE PALM PARTNERS, L.P. | Real Estate Fund | $340.2M | $1,000.0M | 2 |
| TISHMAN SPEYER EQUITY PARTICIPATION PARTNERS, L.P. | Real Estate Fund | $19.9M | $0.0M | 176 |
| TISHMAN SPEYER EUROPEAN CORE FUND (SUB-FUND A) FEEDER L.P. | Real Estate Fund | $114.3M | $10.0M | 10 |
| TISHMAN SPEYER EUROPEAN CORE FUND FCP-SIF | Real Estate Fund | $907.7M | $10.0M | 33 |
| TISHMAN SPEYER EUROPEAN REAL ESTATE VENTURE IX SCSP | Real Estate Fund | $43.1M | $10.0M | 7 |
| TISHMAN SPEYER EUROPEAN REAL ESTATE VENTURE VII FEEDER II, L.P. | Real Estate Fund | $0.3M | $25.0M | 1 |
| TISHMAN SPEYER EUROPEAN REAL ESTATE VENTURE VII, L.P. | Real Estate Fund | $8.4M | $25.0M | 40 |
| TISHMAN SPEYER EUROPEAN REAL ESTATE VENTURE VIII SCSP | Real Estate Fund | $275.8M | $12.4M | 29 |
| TISHMAN SPEYER INDIA FUND, L.P. | Real Estate Fund | $15.5M | $5.0M | 83 |
| TISHMAN SPEYER INDIA MASTER FUND | Real Estate Fund | $0.2M | $5.0M | 85 |
| TISHMAN SPEYER MAPLE LEAF PARTNERS II, L.P. | Real Estate Fund | $75.0M | $500.0M | 4 |
| TISHMAN SPEYER MAPLE LEAF PARTNERS, L.P. | Real Estate Fund | $333.7M | $500.0M | 4 |
| TISHMAN SPEYER OAK PARTNERS, L.P. | Real Estate Fund | $60.6M | $110.0M | 2 |
| TISHMAN SPEYER PARALLEL BRAZIL FUND, L.P. | Real Estate Fund | $1.6M | $5.0M | 2 |
| TISHMAN SPEYER PARALLEL INDIA FUND, L.P. | Real Estate Fund | $0.5M | $5.0M | 2 |
| TISHMAN SPEYER PROPTECH VENTURE FUND, L.P. | Real Estate Fund | $13.9M | $1.0M | 11 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII FEEDER CORP. | Real Estate Fund | $12.8M | $5.0M | 2 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII PARALLEL (GER), L.P. | Real Estate Fund | $15.4M | $5.0M | 2 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII PARALLEL (INT-2), L.P. | Real Estate Fund | $61.0M | $5.0M | 2 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII PARALLEL (INT), L.P. | Real Estate Fund | $39.8M | $5.0M | 7 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII PARALLEL (SPONSOR), L.P. | Real Estate Fund | $4.5M | $5.0M | 2 |
| TISHMAN SPEYER REAL ESTATE VENTURE VIII, L.P. | Real Estate Fund | $45.5M | $5.0M | 12 |
| TISHMAN SPEYER RED PINE PARTNERS, L.P. | Real Estate Fund | $138.7M | $300.0M | 2 |
| TISHMAN SPEYER THEMATIC PLATFORM STRATEGY, L.P. | Real Estate Fund | $159.5M | $1,500.0M | 2 |
| TISHMAN SPEYER U.S. CO-INVESTMENT PARTNERS, L.P. | Real Estate Fund | $36.9M | $50.0M | 2 |
| TISHMAN SPEYER U.S. GROWTH & INCOME FUND, L.P. | Real Estate Fund | $73.6M | $5.0M | 10 |
| TISHMAN SPEYER/CITIGROUP ALTERNATIVE INVESTMENTS REAL ESTATE VENTURE, L.P. | Real Estate Fund | $158.4M | $5.0M | 4 |
| TS U.S. OFFICE HOLDINGS FEEDER, L.L.C. | Real Estate Fund | $91.6M | $5.0M | 12 |
| TSSA 509 W 34 HOLDINGS, L.P. | Real Estate Fund | $184.4M | $45.0M | 2 |
| U.S. CORE OFFICE APTWO, L.P. | Real Estate Fund | $573.5M | $88.6M | 2 |
| U.S. OFFICE APTWO JV II, L.P. | Real Estate Fund | $233.0M | $46.6M | 2 |
| U.S. OFFICE HOLDINGS ACCOUNT II, L.P. | Real Estate Fund | $477.4M | $500.0M | 2 |
| U.S. OFFICE HOLDINGS ACCOUNT, L.P. | Real Estate Fund | $566.0M | $500.0M | 2 |
| US OFFICE HOLDINGS, L.P. | Real Estate Fund | $894.7M | $293.7M | 14 |
Control Persons
| Name | Type | Entity | Title | Since | Ownership |
|---|---|---|---|---|---|
| SPEYER, JERRY, IRVING | Individual | – | CHAIRMAN | 09/2015 | < 5% |
| SPEYER, ROBERT, JEFFREY | Individual | – | PRESIDENT, CHIEF EXECUTIVE OFFICER | 09/2015 | < 5% |
| BENNER, MICHAEL, BRIAN | Individual | – | GENERAL COUNSEL, VICE PRESIDENT & SECRETARY | 01/2007 | < 5% |
| TISHMAN SPEYER PROPERTIES, INC. | Domestic Entity | – | GENERAL PARTNER | 03/1985 | 50-75% |
| SPEYER LIMITED PARTNER CO., INC. | Domestic Entity | – | LIMITED PARTNER | 01/2001 | 25-50% |
| SPEYER, JERRY, IRVING | Individual | TISHMAN SPEYER PROPERTIES, INC. | CHAIRMAN | 06/2008 | 25-50% |
| SPEYER, ROBERT, JEFFREY | Individual | SPEYER LIMITED PARTNER CO., INC. | PRESIDENT, CHIEF EXECUTIVE OFFICER | 01/2001 | > 75% |
| GALIANO, PAUL, ANTHONY | Individual | – | SENIOR MANAGING DIRECTOR | 01/2001 | < 5% |
| DORAN, JOSEPH, GRANTON | Individual | – | CHIEF FINANCIAL OFFICER, VICE PRESIDENT & TREASURER | 12/2016 | < 5% |
| TISHMAN SPEYER HOLDINGS, INC. | Domestic Entity | – | LIMITED PARTNER | 01/2001 | < 5% |
| Lurie, Julie | Individual | – | VICE PRESIDENT & ASSISTANT SECRETARY | 04/2022 | < 5% |
| VERNOIA, ALEXANDRA | Individual | – | CHIEF COMPLIANCE OFFICER | 01/2024 | < 5% |