Evelyn Lee
The pension plan is now measuring the emissions of half of its property portfolio. Whether that is a positive or negative is a perspective call.
The Miami-based firm is expected to complete a rolling first close for the opportunistic vehicle later this year.
Five executives at the California-based investment manager have assumed new roles as two other professionals have left the firm.
The transaction is the third in the New York-based firm’s minority stakes strategy investing in real estate managers.
Even during a fundraising slump, one of the world’s largest capital allocators just demonstrated institutions will make bets for the right firm and strategy.
The California pension plan’s backing of the vehicle marks its first investment with the New York-based manager.
Consolidation in the industry has transformed the manager landscape – but to whose benefit?
Town Lane, founded by Tyler Henritze, closed the fund at its hard-cap without the help of an IR team or placement agent.
The Cleveland-based real estate and fixed income manager and London-based infrastructure firm will have about $35.7bn in total AUM.
The UK pension fund is close to divesting all of its secondary office holdings as it looks to rebalance its overall real estate portfolio.