Real estate was the only asset class to make a positive return for the $29.5bn pension fund, however allocations to private equity real estate have now topped 10.5% against a target of 8%.
2 min read · 22 January 2013
Jay Fewel, OPERF senior investment officer, said over-allocation and the burden of re-upping with existing GPs will leave little money for any group that doesn’t already have an established relationship with the $54.4bn pension.
2 min read · 22 January 2013
The investment firm has acquired a majority stake in the Dubai-based business and intends to expand it regionally.
1 min read · 22 January 2013
The $1.7bn pension started investing in real estate just three years ago, however it is now considering increasing its target allocation by 3% and investing in international real estate for the first time. The plan said it was 'shutting off two-thirds' of the world by focusing on the US.
2 min read · 22 January 2013
The Canadian pension has set aside an additional C$1.4bn to invest with opportunistic fund managers, and directly, targeting US and UK distressed real estate.
2 min read · 22 January 2013
With distributions from real estate funds at a minimum and general chaos in the financial markets, limited partners are struggling to come to terms with the new global situation, according to a conference in London. It does not mean though that the real estate fund management model is dead.
2 min read · 22 January 2013
The private equity real estate firm led by Barry Sternlicht is in talks with JJW Hotels to sell part of the Concorde Groupe portfolio in a deal worth around $2bn, according to media reports. The sale would include the Concorde Lafayette in Paris and the Hôtel Martinez in Cannes.
1 min read · 22 January 2013
The city will look to invest in domestic infrastructure funds after making an initial investment in the asset class earlier this year and taking a beating in its US equity allocation.
2 min read · 22 January 2013
With its real estate allocation currently over target and returns in the year to June just 4.9 percent against a benchmark of 10.8 percent, the $15.7bn US pension says plans to commit $100m to the asset class over the next nine months will be put on hold.
2 min read · 22 January 2013
The California pension has committed $400 million to Starwood’s $3bn Global Hospitality Fund II, which is targeting 20% IRRs. This summer, Sternlicht said he was rapidly expanding his latest hotel brand: the Baccarat, based on the famous crystals.
2 min read · 22 January 2013
