Evelyn Lee
Carlyle’s acquisition of Metropolitan Real Estate raises more doubts about the ability of real estate fund of funds managers to survive as a standalone operation.
The head of the world’s largest real estate investment manager is predicting the best capital-raising year in the last five years as both US and foreign investors seek higher returns.
The Singapore-based industrial real estate developer has made its largest co-investment in one of its funds to date, committing more than 50 percent of the vehicle’s equity target.
In its first such exchange, the $10.2 billion pension plan intends to sell its investments with one underperforming industrial real estate firm and re-commit the capital to a first-time fund manager in the sector.
The Los Angeles-based real estate investment manager is slated to hold a final close for its value-added fund this month and complete the initial round of capital raising for its open-ended core fund during the fourth quarter.
The hotel operator’s $1.25 billion IPO would pave the way for the New York-based private equity and real estate firm to eventually exit its single largest investment, which was made primarily on behalf of BREP VI.
The $21 billion pension plan has terminated contract negotiations with a real estate manager for the second time in just over a year.
The $161.8 billion pension plan could commit up to $200 million to its first international property vehicles in the coming year and likely would start with investment strategies targeting Asia.
The New York-based real estate placement and advisory firm has recruited Carrie Coulson, who was the last member of MVision’s former real estate-focused team to depart.
More than half of the $165.8 billion pension plan’s property allocation during the second quarter was designated for value-added and opportunistic joint ventures.
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