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LP Radar – February 2015

See the latest PERE LP updates, including allocation changes and people moves.

27 February

Teachers' Retirement System of the State of Illinoishas committed $300 million commitment each to Blackstone Real Estate Partners VIII and Lone Star Real Estate Fund IV.

The Denver Employees Retirement System committed $25 million to the Contrarian Distressed Real Estate Fund III.

 

 26 February

Sompo Japan Insurance and Nipponkoa Insurance merged into Sompo Japan Nipponkoa Insurance. The new company told PERE that it is building a new team to boost its real estate investment which currently accounts for less than one percent in its investment portfolio. Core/core-plus investment opportunity in domestic market is still their focus with healthcare and logistics sectors as its top preferences.

At its February board meeting, Virginia Retirement System approved $317.5 million to three real asset investments. The pension fund committed $150 million to Capri EGM, $110 million to Blackstone Highline Property Co-Investment Partners and and $57.5 million to Fortress Japan Opportunity Fund III.

Ohio Police and Fire Pension fund approved a recommendation to commit up to $70 million to Blackstone Real Estate Partners VIII at yesterday's meeting. The pension fund also invested in BREP V, VI and VII. The real estate portfolio is valued at $1.4 billion, or 9.9 percent of the total portfolio, as of 1/31/15.

 

25 February

Idaho Endowment investment Fund will invest in real estate for the first time. It has approved investing $150 million in at least one U.S. open-end private commercial real estate fund by November 2015. 

Documents for tomorrow's meeting for Montana Board of Investments reveal that the investment committee approved an additional commitment of $10 million each to value-added real estate funds, Stockbridge Value Fund II and CBRE Strategic Partners U.S. Value 7.

At yesterday’s investment meeting, New Mexico State Investment Council approved a $75 million commitment to Blackstone Global Real Estate Partners VIII.

The Public Employees' Retirement System of Mississippi approved a commitment to AG Core Plus IV fund at yesterday's investment meeting. The amount committed was not disclosed. 

 

24 February

At tomorrow’s investment committee meeting, the Arizona Public Safety Personnel Retirement System will discuss two potential real estate commitments. The meeting materials disclose a potential additional investment of $20 million to Alcion Partners Fund Real Estate Fund III, which already has a $30 million commitment from the retirement system. The second possible commitment is up to $30 million to BPE Asia Real Estate Fund.   

 

20 February

In December 2014, Ohio State Highway Patrol Retirement System approved a commitment of $10 million to Oaktree Real Estate Opportunities Fund VII. The pension fund has previously committed to Oaktree Real Estate IV, V and VI funds.

 

19 February

In February 2015, Sparinvest revealed to PEI that it invests in value added and opportunistic strategies globally for real estate funds. Core plus funds are also considered if their risk/return profile is closer to value added than to core strategy. Over the next 12 months the firm is going to invest into office, hospitality, industrial, residential, retail and student housing strategies.

Each year, Sparinvest commits between €100 and €300 million to private real estate, depending on the circumstances, allocating between €20-€40 million per fund.

 

18 February

At its February meeting, Alaska Retirement Management Board intend to commit $50 million to Clarion Development Venture IV and to increase its commitment to a separate account with LaSalle Investment Management by $50 million. 

 

17 February

San Francisco Employees' Retirement System approved a $150 million commitment to Blackstone Real Estate Partners VIII. Separately, the retirement system approved new allocation changes to real assets; an increase from 12 percent to 17 percent. 

 

16 February

The Connecticut Retirement Plans & Trust Funds announced at its February meeting that it committed to two private equity funds. The retirement system committed $100 million to Blackstone Real Estate Partners VIII and $40 million to Landmark Real Estate Partners VII. 

 

13 February

At its January meeting, the District of Columbia Retirement Board announced plans to target $75 million for private real estate investments in 2015, with a range between $0-$100 million. The retirement board will commit to between two-four investments with a target range of $20-$30 million per investment.

 

12 February

In a conversation with Jeff Kuhl at Nuveen Investments, PERE learned that the firm currently invests in two private real estate funds; one of which is Security Capital Preferred Growth Incorporated. Going forward, the investment firm will continue to invest solely with Security Capital due to the successful investment returns. 

 

11 February 

The Teacher Retirement System of Texas committed $465 million to three real estate funds in February. The pension fund is committing $200 million to Westbrook Real Estate Fund X, $200 million to Carlyle Realty Partners VII and $65 million as a co-investment with Starwood Capital Group.

 

10 February

The French pension fund, L’Établissement de Retraite Additionnelle de la FonctionPublique (ERAFP), disclosed to PERE that it plans to invest with four real estate managers via discretionary managers in 2015. ERAFP would like to increase its exposure from three percent to between four to six percent, subject to board agreements. 


9 February

In January, New Jersey Division of Investment (NJDOI) proposed commitments totaling $1.05 billion to Blackstone. These investments include $100 million to Blackstone Real Estate Partners VIII, $50 million to Blackstone Property Partners and $250 million to Blackstone Tactical Opportunities Strategies. NDJOI also committed $300 million to a separate account with TGM Associates. 

 

Texas County and District Retirement System committed $40 million to AG Realty Fund IX. 

 
In January, San Bernardino County Employees' Retirement System (SBCERA) announced it will allocate $110 million to private real estate investments in 2015; $75 million for core and $35 million for non-core.