TPG

The bleak fundraising environment has made it much more challenging for CalPERS' and CalSTRS' allocators to support new platforms.

Joseph Tien’s departure follows other leadership changes at Hines, including the exit of Europe CIO Alexander Knapp.

Only 8% of the fund's capital was raised from investors based in the region, while the majority came from Middle East and APAC investors.

While Japan remains a dominant draw for institutional investors, South Korea has also attracted growing interest.

The firm's existing head of APAC capital raising will focus on leading private wealth coverage under Paul Ferraro’s direction.

Town Lane and Greykite, two start-ups launched by established industry dealmakers last year, defied the odds with early fundraising and deployment successes.

The managers have become co-owners of a UK logistics portfolio, which they aim to scale.

The pension fund could allocate $1.45bn to real estate funds over the coming decade.