Christie Ou
The 16-year GIC real estate veteran will replace Gallistel, who is joining CBRE IM as the co-chief executive.
Just $131.1bn was raised last year for private real estate funds, marking a third consecutive year of decline.
CLI looks to grow its exposure in the US and Europe from the current 3% to 10-15% of its overall portfolio by 2028.
With a focus on transparency and liquidity, Fund VI will exclude Hong Kong and China, and will further limit exposure to the office sector.
The firm plans to dedicate significant capital toward acquisitions in key markets around the world, demonstrating it has moved on from relying principally on senior recruitment to meet its growth objectives.
Bart Price, the sovereign wealth fund's head of growth markets real assets, will join as chief executive of the platform by early next year, PERE understands.
The appointment comes as the firm plans to more than double its assets under management to $100bn including third-party capital.
Prior to Milan Khatri’s appointment, the firm hired BlackRock’s former head of Asia real estate to run its overall investment business.
The US firm's real estate credit business has previously focused on the US, Europe and Australia.
With one eye on the new market cycle, emerging and evolving capital sources are mobilizing to make the most out of an allocation to private real estate.