Evelyn Lee
New Jersey’s $350 million commitment represents the first major investment by a US pension plan in TPG’s growing real estate business.
The New York-based firms have hit the market with their fifth offering in the RCG Longview Debt Fund series. Early investors include the Pennsylvania Public School Employees’ Retirement System, which recently committed $75 million.
The $12.78 billion pension plan now counts its commitment to Boston-based real estate manager’s 2007 vintage fund among its official tally of poorly performing real estate investments.
The Los Angeles-based alternative asset manager’s securitisation of nonperforming loans is the first for the firm – and just the third to have occurred in the market.
The $146.5 billion pension plan, in partnership with Artemis Real Estate Partners, has closed on the debut transaction for its $300 million real estate emerging manager programme.
Real estate was one of the stronger-performing sub-asset classes for the $30.7 billion university endowment, which reported an overall decline in value and a flat total investment return for fiscal year 2012.
The New York-based private equity and real estate giant continues to expand its real estate debt business with the acquisition of the investment management arm of Sam Zell’s real estate finance REIT.
The New York-based fund manager is due to close its latest real estate vehicle, which provides growth capital to public and private real estate companies, next month.
The Toronto-based alternative asset manager and its multifamily subsidiary jointly raised capital for the US-focused value-add fund, attracting investors that included CalSTRS and Australia’s Future Fund.
The Los Angeles-based placement agent has hired Scott Arden, formerly of MVision, to head up the new office as the firm continues to build its business in and outside of real estate.