Evelyn Lee
The New Jersey-based real estate investment manager has wrapped up capital raising for its US debt fund, which attracted commitments from institutional investors such as the Employees Retirement System of Texas.
The real estate arm of the Ontario Municipal Employees’ Retirement System plans to build one of the largest urban redevelopment projects in North America.
The $13.9 billion state university pension system has launched a search for core real estate managers, as it seeks to increase its total exposure in the asset class to 10 percent over time.
New Jersey’s $350 million commitment represents the first major investment by a US pension plan in TPG’s growing real estate business.
The New York-based firms have hit the market with their fifth offering in the RCG Longview Debt Fund series. Early investors include the Pennsylvania Public School Employees’ Retirement System, which recently committed $75 million.
The $12.78 billion pension plan now counts its commitment to Boston-based real estate manager’s 2007 vintage fund among its official tally of poorly performing real estate investments.
The Los Angeles-based alternative asset manager’s securitisation of nonperforming loans is the first for the firm – and just the third to have occurred in the market.
The $146.5 billion pension plan, in partnership with Artemis Real Estate Partners, has closed on the debut transaction for its $300 million real estate emerging manager programme.
Real estate was one of the stronger-performing sub-asset classes for the $30.7 billion university endowment, which reported an overall decline in value and a flat total investment return for fiscal year 2012.
The New York-based private equity and real estate giant continues to expand its real estate debt business with the acquisition of the investment management arm of Sam Zell’s real estate finance REIT.
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