Evelyn Lee
The state’s $16 billion investment council is weighing the restructure of its real estate portfolio – which currently comprises almost all equity investments – to increase its exposure to debt strategies.
The New York-based alternative asset manager expects an uptick in real estate sales in the coming year, although 2012 also “is on track to be a huge year” for new investments.
Alfonso Munk, who previously led Morgan Stanley’s real estate investing activities in southern Europe, has joined the real estate investment management business of New Jersey-based Prudential Financial as chief investment officer of its Latin America operations.
The Zurich-based investment bank said today that it is looking to sell one of its largest private equity fund investing groups, which has a $1 billion real estate practice, citing its illiquidity and lack of synergy with the rest of the firm.
The second largest US pension plan said returns for real estate during fiscal year 2011-2012 fell short of an industry benchmark and were down from a 17.5 percent return the previous year.
Real estate scored the highest gains among the asset classes in the $233 billion pension plan’s investment portfolio, earning a nearly 16 percent return and exceeding its benchmark by 322 basis points.
The $39.2 billion pension plan has agreed to grant staff the authority to redistribute up to $200 million in new real estate allocations for the fiscal year 2012-2013.
The $37 billion pension plan is expanding its co-investment activity into real estate and is seeking a consultant to assist with the new initiative.
The Sunshine State has made its second real estate commitment of 2012 to the Boston-based private equity real estate firm’s current opportunistic fund – part of a larger push to invest up to $1 billion in real estate over the next three years.
The New York-based developer and fund manager is said to be using a placement agent for the first time to help raise capital for its US real estate fund.
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