The National Pension Service of Korea, the $270 billion pension fund, has reportedly confirmed its $400m equity commitment to a separate account mandate awarded to Pramerica Real Estate Investors. PERE revealed the appointment, alongside a similar mandate awarded to London-based Rockspring, last month.
An unamed official at Korea’s $270 billion National Pension Service told Dow Jones it had awarded a $400 million separate account investment mandate to Pramerica Real Estate Investors, the real estate arm of US-based Prudential Financial, to invest in core markets across Asia.
The mandate is expected to see NPS gain further real estate exposure to markets including Australia, China and Japan.
The news of the appointment, alongside another $400 million appointment made to London-based Rockspring Property Investment Managers for European investment, was first reported by PERE last month.
The pension service, whose real estate division is led by senior portfolio manager Andie Kang, also awarded a $300 million mandate to Cleveland-based advisory and investment firm, The Townsend Group, for investment in distressed real estate funds.
The awarding of multiple mandates by NPs comes on the back of its strategy to increase its exposure to alternative investments from 3.8 percent to approximately 10 percent by 2014. Within its current alternative assets allocation, real estate accounts for about 2.5 percent of NPS’ total assets.
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