Evelyn Lee
Skip Miller, who previously was responsible for alternative investments at the YMCA Retirement Fund, succeeds Marjorie Tsang, who most recently served as interim CIO and will remain with the $146.5 billion pension plan in a senior role.
The $19.5 billion pension plan, which currently invests in the asset class through commingled funds, is examining the expansion of its real estate portfolio to include co-investments.
The White Plains, NY-based real estate investment trust, which has a private fund arm, has exceeded its $500 million target for its opportunistic and value-added fund just three months after the vehicle’s launch.
The Baltimore-based investment manager has raised $276 million for its latest value-add real estate fund from investors such as the West Virginia Investment Management Board, the Montana Board of Investments and Baltimore City Fire and Police.
The $23.1 billion pension system is eyeing an expansion into real estate debt and plans to hire one or more managers to oversee a $200 million mandate.
The London-based private equity real estate firm is due to complete the first round of fundraising next month for its latest Europe-focused real estate investment vehicle, which is seeking to raise €750 million in capital.
The head of the Toronto-based alternative asset manager expects that most institutional investors will increase their allocations to real assets from 10 percent or less to between 25 percent and 40 percent of their portfolios over the next decade.
The $13.4 billion pension system plans to allocate $275 million to real estate annually over the next five fiscal years, up from $195.6 million this past fiscal year.
Compared to its other business lines, the Los Angeles-based investment manager has been the most active in investing capital in the asset class, with its previous real estate fund nearly fully invested and its latest vehicle expected to hold a first close late next month.
The $69.42 billion pension plan has committed $200 million to a new real estate separate account with Och-Ziff Capital Management and also plans to allocate up to $120 million to SC Management’s latest Asia real estate fund.
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