Investors

The New York State Common Retirement Fund has assets valued at $110bn, down from $154bn about a year ago, due in part to a 32.6% decline in the value of its real estate portfolio.

Swiss-Italian financier Marc Cottino is spearheading efforts at M&A Property Investors to source €100m for a private equity real estate fund to invest in Europe and North Africa.

The Newport Beach, California-based firm has reduced the target for its value-added fund to $600m from $1bn, according to pension fund documents.

The $29bn oil and gas endowment plans to allocate 18% to a new real assets category, including real estate, infrastructure and Treasury inflation-protected securities. The target allocation to real estate is expected to increase 2%.

A $1.1 billion decline in the value of real estate investments at the Canada Pension Plan Investment Board has contributed to record losses.

The UK-focused vehicle attracted more than 30 investors and hopes to take advantage of depressed valuations.

With LPs increasingly seeking safety amid quality, core real estate assets, Falcon Real Estate president Jack Miller said it’s essential for all sides to have an honest debate about the type of returns they can realistically expect from real estate in the coming years.

John Bottomley has left Citi Property Investors after five years with the firm. He has joined New York-based The Rockefeller Group. The departure follows the loss of CPI's Asia Pacific investments head David Schaefer and the cancellation of the firm’s second Asia real estate fund.

The property investment division of UK insurer Prudential has appointed Malcolm Smith as chief operating officer. It comes as the real estate investor continues to dispose of assets. The firm has sold six properties in the UK since January.

Peter Pereira-Gray reiterates his cautious approach to investing in private real estate funds, warning alignment of interest among LPs is a key concern.