Theresa Agovino

This year’s uptick in fundraising activity has a hidden factor – increasingly investor-friendly fund terms.

The pension fund with $8bn in real estate holdings plans to continue selling office assets and limit its REIT exposure while prioritizing industrial and retail.

Launched in a ‘different environment’ for real estate in 2023, the firm’s latest flagship fund gathered enough momentum over the past year to top its $10bn fundraising goal.

The sector, which represents 20% of the Canadian pension’s total portfolio, has been its only negatively performing asset class since 2023.

The California pension giant committed $6.3bn to real estate funds altogether last year. 

If met, the fundraising goal for the manager’s latest flagship vehicle would place it among the largest single-sector funds ever raised.

Founded by former Black Creek and Ares execs, Speed Bay Warehouse Solutions has scored $250m from BDT & MSD to acquire multi-tenant warehouses. 

The Los Angeles-based manager’s over-subscribed seventh flagship opportunistic fund will focus on medical offices as well as senior and student housing.

CPP committed significant funds to data centers around the globe as it continued to pare back on retail and office investments.