Fundraising

Investors are seeking exposure to real estate operating company returns via increasingly creative means, delegates heard at the PERE Europe Forum.

Managers CBRE and BlackRock were among the biggest beneficiaries as the public pension spread its bets across sectors in its busiest half year on record.

The lack of growth in regional, diversified open-end funds is causing investors to question the value of the structure, members heard at the PERE Europe Forum.

Vehicles targeting the strategy needed less than half the time in market of their equity counterparts that closed in the first half-year.

The vehicle, which includes a Japan-only sleeve aimed at domestic investors, is targeting returns of 10-12%.

The $1.1bn final close follows the manager’s 2023 acquisition of sale-leaseback specialist Trio Investment Group.

The California-based manager has raised both its largest fund and co-investment vehicle with Whitman Peterson Partners V.

The $218m vehicle beat its target size and attracted significantly more capital than its predecessor.

The Australian superannuation fund has committed €150m to a vehicle managed by London-based manager Elevation.

Ares’ latest Japan fund spent a year in market and is the third-biggest private real estate fund to reach a final close this year.