Canada’s Caisse de depot et placement du Quebec suffered large falls in its real estate returns in 2008, with declines of 21.9%, the largest in its history. The pension fund is now seeking ways to stem future losses.
The New York private equity real estate firm discontinued its legal claim to buy the freehold of the central London residential complex owing to falling property prices. Sources told PERE the firm may launch another bid when conditions are “more favourable”.
For MENA-based private equity funds, fundraising is no picnic, writes Jenny Blinch.
One large institutional private equity real estate player has agreed to cut management fees on uncalled capital for its opportunistic vehicle to zero. It's not a solution for everyone though, a New York conference was told.
Réal Desrochers has ended his 11-year reign as the director of alternative investments at the US' second largest public pension, leaving veteran portfolio managers Margot Wirth and Seth Hall as interim co-directors. Desrochers did not disclose future professional plans in a farewell email sent to friends and colleagues.
The Washington State Investment Board has made $350m in fresh commitments to private equity and real estate. It has also appointed its chief operator, Theresa Whitmarsh, as acting executive director while the pension looks to replace Joseph Dear, who will become CIO at CalPERS.
Indian conglomerate Aditya Birla Management is seeking to offer its clients diversity through real estate and private equity as equities continue to perform poorly in India.
Indian AIM-listed investment and development company, Unitech Corporate Parks, has changed the terms of its agreement with its investment manager in a bid to reduce its current discount to net asset value.
Sentiment from private equity firms towards investment in India is on the wane and cyclical markets like real estate are likely to be among those most affected, delegates at a Mumbai conference heard today. The message echoes last week’s PERE Forum: Asia 2009 conference in Hong Kong.
The $171bn US pension has bolstered its real estate housing programme, which lost 35% in value over the first half of 2008, with the hire of James Lasher as senior portfolio manager.