Evelyn Lee
The New York-based real estate investment manager has completed its debut US fundraising, whose primary limited partners included Japanese and European pension plans.
The $112.4 billion pension plan has committed an additional $200 million of equity to the Chicago-based investment manager to deploy in new global real estate co-investment opportunities.
After underperforming the previous fiscal year, the $165.8 billion pension system’s property investments beat their benchmark by a wider margin than any of the organization’s other asset classes.
Real estate helped to fuel the $262.7 billion pension plan’s overall portfolio performance rebound during fiscal year 2012-13, but property returns were down from the outsized results of the previous 12-month period.
The New York-based investment management firm has raised its first commercial property debt vehicle, with a capital haul that exceeds that of its debut private equity real estate fund, which closed more than a year ago.
The $75.64 billion pension system disclosed the names of all 25 fund interests in its massive real estate secondaries offering yesterday. It also committed $185 million to Prologis’ second open-ended core fund focused on Europe.
The $165 billion pension plan expects to evaluate more value-added and core real estate opportunities outside the US, as part of a continuing effort to pursue lower-risk property investments.
Only a small minority of financial executives at private equity real estate firms receive seven figures or more in total cash compensation, according to a survey presented by executive search firm Sousou Partners.
The San Francisco-based private real estate investment firm will inject fresh capital into the development of two office buildings within a vast mixed-use community owned by Deutsche Asset & Wealth Management and Endeavor Real Estate Group.
The Boston-based real estate investment manager has sold its interest in two US hotel properties, both of which the firm acquired two years ago on behalf of its third real estate fund.