The $127bn pension fund saw its real estate investments return just 8.7% in the year to June 30, 2008 – against a benchmark of more than 10%. Despite its underperformance, real estate remained the strongest asset class for the pension during turbulent market conditions.
The $2.7bn Fresno County Employees’ Retirement Association has increased its exposure to real estate and private equity while launching a new ‘real asset’ allocation, which includes infrastructure.
The fund of funds is actively focusing on real estate in Asia as it plans to boost its investments in unlisted real estate funds generally. The firm will also raise new Asia property funds. According to new Asia Pacific head, Martin Lamb, the next 10 years will be the “decade of investing in Asia."
The real estate arm of the US pension fund and asset manager is targeting commercial real estate opportunities in the UK and Europe with its first international office. Former Invesco retail executive Paul Wilson will lead the effort.
The second largest securities brokerage in Japan is putting plans in place to expand its real estate business and launch a private equity fund, according to media reports.
The $16.1bn pension is also set to commit $75m to Falcon Investment Advisors, a middle market focused mezzanine firm.
The Teachers’ Retirement System is reviewing its real estate allocations for the next five years as part of an annual review of commitments. The pension fund will also focus more effort on emerging managers.
GLL Real Estate Partners, the Munich-based real estate fund manager, is close to acquiring an office building in Boston’s financial district from Broadway Partners. Broadway bought the property last year.
The $67bn Pension Benefit Guaranty Corporation is branching out into alternatives and seeking up to three private equity and real estate advisors to manage a $5.5bn alternatives ‘pot’.
The Pension Benefit Guaranty Corporation is seeking up to three private equity and real estate advisors to manage its new $5.5bn alternatives ‘pot’. The pension fund, which represents 44 million US citizens, is branching out into alternatives in a bid to reduce its $14bn deficit.