North America

Chien’s departure is the latest in a number of recent senior leadership changes in the Partners Group’s real estate business.

The Texas-based manager has pulled in $905m to date for the US-focused vehicle, backed by investors including Canadian pension La Caisse.

The manager acquired a non-controlling stake in a US portfolio assembled by public REIT Safehold, which has options to reacquire it after seven years.

The country’s institutions are recalibrating their core-heavy strategies to focus more on value-add opportunities.

The endowment is also optimistic about resilient office assets and a market rebound amid renewed leasing momentum.

Capital allocators’ demand for bespoke vehicles means attracting capital to traditional commingled funds remains tough.

The manager has secured more than $650m across a global program focused primarily on GP-led secondaries but seeded with an LP-led fund portfolio.

Asia head of alternatives Albert Yang sees property coming back after a challenging period for the asset class.

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

The executive at the Houston-based manager believes the vehicles are problematic not just for investors but for the industry overall.