The Libyan Foreign Investment Company has become the latest sovereign wealth fund to invest in London commercial real estate directly.
The $182bn pension, the largest in the US, will negotiate with private equity firms for fee reductions on all new commitments. The practice follows a policy the pension implemented in March to negotiate fee reductions with hedge funds.
The ultra and high-net-worth community shrank by 25% and 15% respectively in 2008, according to the latest Merrill Lynch/Capgemini world wealth report. However, the allocation to real estate rose by 4% - despite a general move towards liquid assets.
The European Bank for Reconstruction and Development (EBRD) has proposed a €75 million commitment to Chicago-based Heitman’s European Property Partners IV fund. The vehicle is targeting €600m of equity by its final close in September.
US pension fund Maine PERS has called in outside help to invest the remaining 5 percent of its targeted allocation to real estate. According to reports, this could lead to expanding the pension fund’s investment horizon from core style investing to opportunistic.
The real estate arm of the French insurer has reportedly halted plans to invest in Asia until the market malaise is over, according to executives. The firm said it needed to see signs of 'stability' before re-entering the region's markets.
Ian Hally, Aviva Investors’ Asia Pacific head of strategy and indirect investments, will now take over as real estate chief executive officer for the region.
The West coast debt shop has garnered $420m in commitments from LPs for its latest vehicle, the Mesa West Real Estate Income Fund II. It will continue fundraising until the end of the year, PERE has learnt.
One of the largest private equity real estate platforms in the world will become independent of its bankrupt parent company, PERE has learned. The spin-out will include Mark Walsh, instrumental in steering Lehman’s overall real estate strategy for more than 20 years.
Walnut Creek, California-based Sequoia Equities will target high-net-individuals as it looks to raise $100m for buying distressed construction and development loans.