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LP Radar – July 2015

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

31 July

According to the quarterly investment performance review for the period ending June 30, San Bernardino County Employees' Retirement Association is currently 2.5% below its targeted real estate allocation. However, no commitments to the asset class are planned for the August 6 meeting.

Florida State Board of Administration committed $100 million to Blackstone Real Estate Partners VIII and $50 million to Heitman Value Partners III last quarter.

 

30 July

San Joaquin County Employees' Retirement Association is considering a commitment to Mesa West Real Estate Income Fund IV, with a manager onsite visit scheduled for summer/autumn 2015, according to the last week's agenda.

Nicolas Fernandez de Retana has been appointed as the new Head of European Retail Asset Management at Immofinanz. The European retail portfolio had a value of €1.1 billion at the end of January, according to the firm's recent press release.

 

29 July

New Mexico State Investment Council plans to reduce the number of funds in its real estate portfolio to 15-20 from the current 42, increasing the commitment size to $150-250 million for the core portfolio and $50-150 million for the tactical portfolio.

 

28 July

Illinois Municipal Retirement Fund is requesting proposals from minority, female and persons with disability owned real estate fund mangers. Firms with custom separate account capabilities and/or a commingled manager of managers fund in market will be considered.

 

27 July

Connecticut Retirement Plans and Trust Fund has committed $30 million to Covenant Apartment Fund VIII, a value added real estate vehicle.

 

24 July

JP Morgan Asset Management has named Adam Pillay to be its Asia Pacific Real Estate Platform Specialist, as the firm expands its global real assets team.

 

23 July

According to the FY2016 Alternative Investment Pacing document presented at the State Investment Council meeting yesterday, the institution plans to commit $500 million to real estate over the next year.

Last week, Texas School Permanent Fund committed €50 million to European Property Investors Special Opportunities 4, managed by Tristan Capital Partners.

 

22 July

Public School and Education Employee Retirement Systems of Missouri has selected Anita Brand to be the firm's new Chief Financial Officer. She has been promoted from the position of Director of Investment Accounting and Financial Reporting.

 

21 July

Aberdeen Asset Management's Simon Moscow and Stephen Walker have been promoted to become Head and Deputy Head of Asset Management for the UK, respectively.

 

20 July

Los Angeles City Employees’ Retirement System has made $35 million each to Jamestown Premiere Property Fund, Clarion Partners’ Lion Industrial Trust and Morgan Stanley Real Estate’s The Prime Property Fund and US Property Account.

 

 17 July

Boston City Retirement System is seeking proposals from investment managers targeting value add or opportunistic strategies to manage a real estate mandate. The candidates must be raising a closed-ended fund.

 

16 July

New York State Common Retirement Fund has made the commitment of $350 million to Westbrook Partners' Real Estate Fund X.

 

15 July

For the fiscal year 2015-2016, CalSTRS will continue to rebalance its portfolio by increasing value add exposure and pushing for liquidation of older opportunistic funds.

Seattle City Employees Retirement System approved a pacing plan for non-core real estate and requested staff to search for managers in this space. The institution expects to commit $10 to $20 million to closed-ended vehicles in 2015.

 

13 July

Hanwha Life Insurance revealed that it currently allocates 4.8 percent to real estate. It will continue to invest in core plus and value added funds primarily in North America, Western Europe, and Asia-Pacific.

 

10 July

Hartford Municipal Employees Retirement Fund has committed $4 million each to Mesirow Financial Real Estate Value Fund II and Tristan Capital Partners' European Property Investors Special Opportunities 4.

 

9 July

South Dakota Investment Council has committed $242.6 million to Lone Star’s Real Estate Fund IV and $300 million to Blackstone Real Estate Partners VIII.

 

8 July

Korea Investment Corporation wants to increase its allocation to alternative assets from eight percent to 15 percent by the end of 2015 and eventually to 20 percent within five years.

 

 7 July

Orange County Employees Retirement System has committed $75 million to Waterton Associates’ Residential Property Venture XII and $50 million to the True North Real Estate Fund III.

 

 6 July

Missouri Local Government Employees' Retirement System has committed $75 million to Prudential Senior Housing Partners V.

 

3 July

The Indiana Public Retirement System has decreased its target allocation to real estate from 7.5% to 7% of its total portfolio. As of end of May the retirement system was under-allocated to the asset class.

 


2 July

For the 2015 financial year, New Mexico State Investment Council's real estate portfolio will be focused on further development of international exposure and streamlining its core portfolio. The firm is going to reduce the number of fund investments and GP relationships but increase the bitesize per vehicle.

 


1 July  

CalPERS is on the verge of selling $3 billion of its real estate investment portfolio. The firm will rely on Park Hill Group to help find buyers on the secondary market.

 

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