Institution: District of Columbia Retirement Board
Headquarters: Washington DC, US
AUM: $11.01 billion
Allocation to alternatives: 15.1%
The Carlyle Group launched the open-ended U.S. core-plus real estate fund in September 2015 and has attracted over $4 billion in equity commitments for the vehicle. Public pensions across the US have committed capital to the fund, including $250 million from Florida Retirement System Trust Fund and $200 million from School Universities Retirement Systems of Illinois.
As highlighted by PERE back in 2016, investment is heavily weighted toward niche or non-traditional real estate strategies, with a goal of 45 percent of the fund’s capital to go into senior housing, medical office and storage properties. Of the remaining equity, 25 percent would go into apartments, 5 percent into industrial, 15 percent into office and 10 percent into retail.
DC Retirement Board allocates 4.4 percent of its investment portfolio to real estate, comprising around $484 million in capital. As illustrated below, its recent commitments to private real estate have tended to focus on North American vehicles with opportunistic or value-add returns.
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