Goldman Sachs Asset Management related stories
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Denmark’s PFA buys €100m secondary portfolioNon-traditional buyer steps in to buy a limited partner position in Nordic Real Estate Partners’ logistics fund from Swedish pension fund SPP.
- Breaking the mold
New Jersey’s successful sale of nearly $1 billion in property fund interests has defied many expectations, and the real estate secondaries market may never be the same again.
- New Jersey lands buyer for RE secondaries
The $75.64 billion pension plan has reached an agreement to sell a nearly $1 billion portfolio of real estate fund interests to a new entrant to the secondary market.
- KKR appoints Asia real estate head
The New York-based private equity giant has continued growing out its real estate team with the appointment of ex-JPMorgan managing director Bryan Southergill to lead its activities in Asia.
- Grosvenor names new chief
The ascent of James Raynor is complete as the chief investment officer of Grosvenor Fund Management takes over the reins as chief executive.
- Friday Letter Having too much fund?
Fund of funds, which raise equity from investors and then commit that equity to individual fund managers, first started popping up in private equity real estate during the late 1990s, almost a decade after the birth of the asset class in the US. First, it was groups like Bessemer Trust and TKP Investments who were selling these products to their clients. Then, about five years ago, the concept really started to pick up steam as US firms like Credit Suisse, Metropolitan Real Estate and Fiduciary Trust began launching their own fund of funds vehicles. Today, of course, fund of funds, much like the rest of the industry, have gone global.
- Friday Letter Fighting it out
Last month, a private equity real estate bidding war broke out in a very unlikely place: Italy, where a clutch of investors faced off in a competition for two publicly listed real estate funds. According to industry observers, it was the first time in quite a while, if ever, that a competitive bid situation developed for Italian real estate assets. The two funds, Tecla Fondo Uffici and Berenice Fondo Uffici, have a combined enterprise value of approximately €1.6 billion.
- Friday Letter Equity priced like equity
Real estate investors tend to be optimistic, at least in the long term. Before sinking money in a property, an investor must be confident that the locals will continue to be employed, to build and spend wealth, to procreate.
- Friday Letter By invitation only
Infrastructure, it seems, is having a party. In just seven days, the investment world has been filled with headlines of mega fund launches and deals.
- Friday Letter Core charm
Institutional investors say they are willing to trade lower returns for less risk. However, is the current push for core full of hidden risk?