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Compenswiss on the lookout for core-plus real estate managers

The Swiss social securities manager is seeking to grow its global core-plus real estate offering.

Institution: Compenswiss
Headquarters: Geneva, Switzerland
AUM: SFr37.11 billion
Allocation to alternatives: 9.33%

Compenswiss has issued a request for proposal for core-plus real estate managers in the US, Europe and Asia-Pacific, according to a recent tender on the institution’s website.

The Swiss pension fund is planning to commit up to $621 million to core-plus real estate across the three main target regions.

€50 million-€100 million is being set aside for investing into core-plus European real estate, with $50 million-$300 million reserved for the same strategy in Asia-Pacific and $100 million-$200 million for the US. The purpose of this mandate is to diversify Compenswiss’s global real estate portfolio while targeting core-plus returns.

For the US section of the mandate, prospective managers are permitted to offer either open- or closed-end fund opportunities, though the funds themselves must have been set up in Europe. Managers are similarly permitted to offer open- or closed-ended fund opportunities for the Asia-Pacific and European sections of the mandate, though listed REITs will not be considered.

Compenswiss’s RFP is diversified in nature, in that it does not specify that funds must invest in any given real estate sectors.

Prospective managers’ submission deadline for this RFP is March 11, with videoconferences held with a selected few between March 26 and April 2. Results will be announced in April 2021.

The SFr37.11 billion ($40.95 billion; €33.84 billion) public pension fund currently allocates 9.3 percent of its portfolio to real estate.

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