Residential

Amid a slow fundraising environment for the Boston-based manager’s debut private real estate vehicle, its CEO says it is patiently building its track record via new JV relationships.

The value-add/opportunistic vehicle is the first in a pan-regional fund series from the manager founded by former Harrison Street exec Daniel Gorzawski.

The largest transaction during the period was more than triple the size of the chart-topper in H1 2025.

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 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.

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

Investment director Drew Ritchie welcomes the debut Reserved Investor Fund structure to help further the UK financial institution’s plan to allocate £110m in the sector by 2030.

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