Core

The manager bought two luxury high-rise apartments for $222m all cash.

The pension fund committed $1bn to overseas direct real estate funds within six months last year.

Five executives at the California-based investment manager have assumed new roles as two other professionals have left the firm.

The firm remains interested in the rest of the IFC Seoul complex, with the acquisition setting ‘the tone’ for its future Korean investments.

The largest US pension fund eyes non-core funds for its next round of allocation to the asset class.

The Atlanta-based firm has invested in the niche residential strategy – one of its high-conviction themes – in the US since 2022.

The addition of Cromwell Europe will double Stoneweg’s AUM and expand its wheelhouse into multiple new markets, says founder Jaume Sabater.

The firm will shift to being a local manager given the difficulties of being global without vast scale, according to Cromwell’s CEO.

During the firm’s first quarter earnings call, senior executives said ‘interesting’ opportunities were arising in the lower-risk strategy.

With only $19.8bn raised, the first quarter of 2024 recorded the lowest Q1 fundraising amount since 2011 when $15.2bn was corralled.