The $184bn pension, struggling with the denominator effect, committed $750m to Blackstone’s previous buyout vehicle. CalPERS documents confirmed rumours that Blackstone has lowered its fund target to between $15bn and $20bn.
The Teacher Retirement System of Texas has hired former Summit Properties president Steve LeBlanc to lead its real asset and private equity portfolios. Lee Partridge, the pension's strategic research managing director has been promoted to deputy chief investment officer.
The US retirement plan insists it will keep the majority of the assets as a long-term owner, despite having seen more than $3bn wiped off the value of the housing stock.
The Simsbury, Connecticut-based firm is targeting $750m for its latest real estate fund – the largest dedicated secondaries real estate vehicle ever. It comes amid a massive rise in LP demand for liquidity.
The $37bn university endowment will make substantial cutbacks to its private equity portfolio, which one secondary investor calls a 'sophisticated' move to sell before other LPs do the same.
The $147bn US pension will decide today whether it will respond to the denominator effect by increasing the amount it is allowed to invest in real estate to 17% of total assets.
The private equity real estate firm – which last year took on former CalPERS Real Estate head Mike McCook as advisor – has resolved an argument with the activist shareholder of its publicly-listed fund. Trikona says opportunities in Indian real estate are to be found in ‘deep value’ not distress.
As limited partners open up their real estate allocations to the emerging markets, developing countries in Asia are at the top of the list, with China and India of particular interest. By Eva Poon
At the same time that top jobs disappear at large investment banks and property lenders, private equity real estate firms are turning to the sector for talented dealmakers.
Aviva Investors' rebranding – with its recent hire of Steve Felix – is the latest example of large insurance companies expanding their investment management business.