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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.

The pension fund sees less correlation to geopolitical shocks, lower borrowing costs and broader sector choice compared with the US and Europe.

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.

Deal volumes in Australia rose 16% year-on-year in the first six months of 2026.

The special administrative region’s problems have been compounded by cap rates that have been hard to dislodge, even as rising interest rates create a negative carry environment.

Dealflow in recent years has been unimpressive, largely due to high asset prices and a shortage of institutional grade stock.