William Thompson, New York City’s comptroller who controls the city's five combined pensions, has called a meeting of trustees of the five pensions to consider the ban. Thompson has also asked New York’s attorney general to investigate Quadrangle, to which the city committed $125m in 2005 and 2006.
The New York Common scandal will tar the reputation of placement agents unless market participants disseminate and enforce a clear distinction between valuable fundraising services and sleazy influence peddling, writes David Snow.
The real estate mezzanine investor has closed its High Yield Partners II Fund on $243m. The vehicle will originate mezzanine loans and invest in preferred equity positions.
The New York-based private equity real estate firm has raised €3.1bn to date for its third European vehicle, according to regulatory filings.
The Pennsylvania-based fund of funds has raised more than $75m for the fund, Penn Square Global Real Estate Fund II, according to regulatory filings this week. The firm’s first fund closed last year on $231m.
The multifamily investor has closed its second value-added fund after eight months of fundraising. One investor committed $75m to the vehicle.
Norway’s ministry of finance has signalled its intention to delay its real estate investment plans as global market conditions continue to deteriorate. The €267bn pension has allocated 5% to real estate, but said it will not impose a 'fixed investment plan' in the current environment.
Prupim has joined other large British landlords such British Land and Capital & Regional in trying to ease the cash-flow problems of their retailers. It follows a high profile campaign by retailers for rent to be paid monthly, rather than quarterly.
VinaCapital, the Vietnamese asset management, banking and real estate consultancy, is putting the finishing touches on its second dedicated property fund. The fund will be fully privately funded, unlike the firm's first opportunity fund.
With LPs struggling to balance declining distributions against pending capital calls, a report by Clerestory Capital shows 32 fund managers in market over the past six months chose to stop or put fundraising efforts on hold. Among the worst hit were funds targeting India and China.