Montana Public Employees' Retirement Administration

This week kicks off with the PERE Seoul Forum, where the spotlight was on Korea’s two investment giants, NPS and KIC, and their differing approaches to a shifting global real estate market. Meanwhile, Australia’s Aware Super makes good on a pledge to boost its US exposure; Principal opens a pipeline to French retail investors; family offices warm to US equity; LaSalle sizes up Europe’s potential NATO lift; Sixth Street hires a real estate fundraiser and more in this week’s digest, exclusively for our valued subscribers.

Two noteworthy pieces of information revealed in regulatory filings top the private real estate headlines this week, as KKR hits a $2 billion milestone on its latest US property fund, while on a more somber note, Blackstone discloses the appointment of an interim CEO of BREIT after the shocking loss of Wesley LePatner last month. Elsewhere, HSBC names its next real assets head, M&A data shows manager stake sales are on the rise and more in this week’s briefing, exclusively for our valued subscribers.

A pair of PERE exclusives lead the headlines this week: first, an update on Starwood Capital Group’s progress with its latest opportunistic fund, set for a final close in the next year with a $10 billion target. Second, a major new hire at Crow Holdings, which brings on an AIMCo, BGO and CalPERS veteran to run its core/core-plus business. Elsewhere, investors offer differing views on capital flows, student housing continues to draw attention in the UK and more in this week’s briefing, exclusively for our valued subscribers.

A changing of the guard at one of the world’s largest institutional investors leads the headlines this week as Hines’ Alex Knapp takes the top real estate role at NBIM. Meanwhile, TPG Angelo Gordon closes its latest European fund on $2.3 billion; PERE takes a deep dive into insurer Generali’s third-party capital ambitions; a pair of veteran Invesco managing directors jump to new firms, and more in this week’s briefing, exclusively for our valued subscribers.

As a looming trade war rocks global markets, volatility is seeping into private real estate where hopes for a recovery are giving way to fears of another downturn. Meanwhile, succession plans are back in the spotlight this week as managers BGO and M&G look inward for their next leaders, Prologis’s next chapter includes an emphasis on private capital, a pair of Morgan Stanley veterans strike out on their own and much more in this week's briefing, exclusively for our valued subscribers.

Ares Management's plans for its expanded real estate business post-GCP acquisition begin taking shape, Blackstone mulls a major return to the office sector, Partners Group's co-head of real estate exits, a Gaw-led venture strikes a billion-dollar deal in Japan and more in this week's briefing, exclusively for our valued subscribers.

Geopolitics and policy dominate the private real estate headlines this week as the property industry prepares for a second Trump administration, the fallout from a German political crisis, and how both could impact key moves by central banks around the world. Meanwhile, Blackstone makes a multi-billion-dollar bet on shopping centers; the PERE Network hosts its 19th annual America Forum; exclusive research provides fresh insight into the outlook for real estate allocations; and much more in today's briefing, exclusively for our valued subscribers.

A mega-merger between two of the top 10 PERE 100 managers dominates real estate headlines this week as Ares Management agrees to acquire GLP Capital Management's non-China business for $3.7 billion; fellow top 10 firm Blue Owl strikes its own $1 billion M&A deal to buy IPI Partners; Blackstone faces questions about reputational risk; PERE checks in from Expo Real; and more in today's briefing, exclusively for our valued subscribers.