Value-Add

The world’s largest REIT raised over $2.6bn of third-party equity in Q1 2026 amid a ‘fantastic quarter’ for investing capital.

This marks the first time the world’s largest pension fund has invested in an Asia-based real estate manager.

The London-based manager is targeting its largest-ever fundraise, with CBRE IM’s Indirect business among the first investors in the fund.

While fundraising volume fell 50% year-on-year in Q1 2026, more funds hit or exceeded their targets and took less time to reach final close.

Former Hines executive Paul White will head up CBRE IM’s Europe Value Partners series, for which the manager has not raised a fund since 2018.

Longstanding HEREP series fund manager Paul White is leaving the business after 18 years.

Having previously relied on joint ventures with operating partners to drive performance in residential, BGO will leverage these capabilities in-house with Bell, says co-president Amy Price.

With its latest fund, the firm has pivoted from a focus on ground-up development to buying and upgrading operating assets as return propositions have shifted.

The vehicles are the largest in their respective fund series, with US XI also representing the firm’s largest-ever capital haul for a closed-end real estate fund.

The real assets director at the $130bn public pension intends to gradually expand its exposure to the asset class.