Managers

A joint venture between Johannesburg-based Rand Merchant Bank and Westport Property Group has enjoyed capital raising success for its first real estate opportunity fund.

The Australian real estate investment manager has raised capital from six domestic and institutional investors for its ‘enhanced core’ retail real estate offering.

The London-based private equity real estate firm is due to complete the first round of fundraising next month for its latest Europe-focused real estate investment vehicle, which is seeking to raise €750 million in capital.

The head of the Toronto-based alternative asset manager expects that most institutional investors will increase their allocations to real assets from 10 percent or less to between 25 percent and 40 percent of their portfolios over the next decade.

The way hurdle rates work may compel GPs to push for exits in a way that is not in the best interests of the fund, a study suggests.

The $11.3 billion pension system has contributed $40 million to Westbrook’s latest fund and $30 million to Almanac’s current offering.

Compared to its other business lines, the Los Angeles-based investment manager has been the most active in investing capital in the asset class, with its previous real estate fund nearly fully invested and its latest vehicle expected to hold a first close late next month.

SC Management's RECAP III is understood to be oversubscribed thanks to strong performances from the Hong Kong and Singapore-based private equity real estate firm’s previous two funds.

The State Administration of Foreign Exchange (SAFE), which manages more than $3 trillion of China’s foreign exchange reserves, is helping Blackstone towards its $13 billion hard cap for its latest real estate opportunity fund.

The $69.42 billion pension plan has committed $200 million to a new real estate separate account with Och-Ziff Capital Management and also plans to allocate up to $120 million to SC Management’s latest Asia real estate fund.