Evelyn Lee
The asset management arm of the Swiss financial services giant has tapped its chief operating officer to oversee its global real estate business, taking over from departing head, Paul Marcuse.
The $74.5 billion pension system has earmarked a significant amount of capital to new real estate commitments for 2013, primarily through re-ups with existing managers.
The state investment board, which manages $12.78 billion in total assets, has agreed to invest in two value-added funds as it continues to raise its exposure to the real estate strategy.
The Northbrook, Illinois-based multifamily operator has amassed 70 percent of the targeted capital for its latest fund, through which it will seek to co-invest with institutional joint venture partners for the first time.
The investment board, which manages $11.8 billion in pension assets, has launched a search for a firm to help the system reach a target allocation of 10 percent in the asset class.
Despite growing investor interest in such vehicles, separate accounts can make it more challenging for some general partners to build or expand their business.
The Los Angeles-based investment manager continues to be most focused on opportunities in the asset class, including a new real estate debt fund for which the firm is finalising an initial commitment.
The Atlanta-based private equity real estate firm, in a joint venture with Evolution Capital Management, will invest more than $250 million in US commercial real estate over the next two years.
Following a first close and roughly $300 million in pending commitments, the Chicago-based private equity real estate firm will be about halfway to its equity target for its latest opportunistic vehicle.
The San Francisco-based real estate fund manager has raised about half of its $400m to $500m target for its latest opportunistic vehicle and is expected to conclude its capital raise by early 2013.