Sectors

The first tranche of capital raised for the vehicle comprises significantly more new relationships and non-US investors than is typical for the fund series.

Investors once paid less for markets with few owners. That discount has all but vanished, just as capital crowds into the most concentrated sectors, say Omar Eltorai, senior director of research, and Alexander Jaffe, regional lead of valuation advisory, at Altus Group.

The Houston-based real assets manager will elevate three executives into new roles at the highest tier of the organization.

The Dallas-based manager hit the hard-cap on its eighth and largest flagship fund to date, aiming for up to 20% returns on Sun Belt warehouses and outdoor storage.

Developer Panattoni’s in-house investment platform is preparing a first exit for the fund, with two new vehicles also slated for 2027.

The New York- and London-based manager is targeting long-income, infill industrial and grid-connected real estate with Meadow Real Estate Fund VII.

With commitments from NPS and its own life insurance business, the $700m fund is the UK asset manager’s first value-add commingled offering in the region.

The Los Angeles-based manager’s PCCP Equity X and PCCP Credit XI both rank among the top 10 largest funds closed this year.

The investor, which has links to a large shopping mall owner, also sees opportunity in sustainable real estate, said principal Julian Marwitz.

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.