Evelyn Lee
The New York-based real estate developer and fund manager has exceeded the target for its third Brazil fund, but plans to keep the vehicle open to investors through the end of the year.
Finesa Real Estate Group has held a first close on its investment vehicle, Diversified International Partners. This marks the first time that Colombian pension funds have invested in US real estate through a discretionary fund.
The $152.1 billion pension system has closed on five follow-on real estate investments including commitments to opportunistic funds of Fortress and PCCP.
The Oakland, California-based private equity real estate firm – which previously raised $100 million from high-net-worth individuals – has begun marketing its first institutional real estate vehicle to investors.
Rulemaking to lift the general solicitation and advertising ban in Regulation D has been delayed yet again. It’s unclear how long the delay will last – and that’s part of the problem.
The $22.3 billion pension system plans to significantly boost the size of its real estate portfolio over the next two fiscal years, focusing primarily on non-core investments. Thereafter, however, it expects to pull back on additional investments to the asset class.
Skip Miller, who previously was responsible for alternative investments at the YMCA Retirement Fund, succeeds Marjorie Tsang, who most recently served as interim CIO and will remain with the $146.5 billion pension plan in a senior role.
The $19.5 billion pension plan, which currently invests in the asset class through commingled funds, is examining the expansion of its real estate portfolio to include co-investments.
The White Plains, NY-based real estate investment trust, which has a private fund arm, has exceeded its $500 million target for its opportunistic and value-added fund just three months after the vehicle’s launch.
The Baltimore-based investment manager has raised $276 million for its latest value-add real estate fund from investors such as the West Virginia Investment Management Board, the Montana Board of Investments and Baltimore City Fire and Police.