Evelyn Lee
The New York-based fund manager is due to close its latest real estate vehicle, which provides growth capital to public and private real estate companies, next month.
The Toronto-based alternative asset manager and its multifamily subsidiary jointly raised capital for the US-focused value-add fund, attracting investors that included CalSTRS and Australia’s Future Fund.
The Los Angeles-based placement agent has hired Scott Arden, formerly of MVision, to head up the new office as the firm continues to build its business in and outside of real estate.
The $84.2 billion pension plan’s commitment to Evergreen Real Estate Partners represents its latest investment in private real estate operating companies.
How one US pension plan is revising the definition of a ‘commingled’ fund to speed up investment
The $58.6 billion pension plan will make an additional allocation to an existing $300 million commercial real estate separate account sponsored by debt fund manager Talmage, formerly Guggenheim Structured Real Estate Advisors.
Matt Khourie, head of CBRE Global Investors, says the world’s biggest real estate investment manager is seeing twice as much capital coming into separate accounts than is coming into its funds.
The $39.2 billion pension plan will invest in its second solo vehicle with Los Angeles-based real estate emerging manager CityView, which will target multifamily development and redevelopment opportunities in the San Francisco Bay Area.
Even as investors reduce the size of their manager pools, there are still ways for first-time fund sponsors to get their share of capital.
The Menlo Park, California-based private equity firm has closed on its debut deal for TechCore, a $500 million core real estate separate account launched earlier this year with the largest US public pension plan.
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