Managers

GPs and private equity real estate fund administrators are under pressure from all sides with increased LP reporting requirements, greater regulation, higher taxes and even more complex deals. The challenges being faced today are part of the natural evolution of an institutional asset class. PERE magazine's Fund Administration supplement September 2010

The real estate equity investment arm of the US insurance group plans to invest $400m in low income housing tax credits in the next 12 to 18 months, amid plans to increase its allocation to the asset class from $2 billion to between $4 billion and $5 billion over the next two to three years.

Despite trying to sell itself to third parties, the real estate investment arm of the Dutch insurance group has hired Bruno Cohen as CIO of its Paris office.

Musician Bob Geldof is working with former Doughty Hanson senior principal Mark Florman in the development of an Africa-focused fund.

IR veteran Maryfrances Metrick will join the Blackstone spinout in October amid fundraising for the firm’s second fund, targeting $3.75bn.

The Hong Kong-based private equity real estate, founded by brothers Goodwin and Kenneth Gaw in 2005, says it will ‘steer clear’ of tier one cities in China and primarily target second and third tier cities instead.

PREI was one of four real estate firms seeking to raise $1.3bn from Mexican pensions via the country’s stock exchange.

The Canadian pension and Australian sovereign wealth fund have injected A$375m each into recapitalising Colonial First State’s open unlisted retail vehicle, after original investors called it a day at the expiration of the fund.

TPG will join the ranks of other Western firms raising RMB-denominated funds, including Carlyle, KKR and Blackstone. Read more about TPG in the forthcoming issue of PERE.

The fund managers have raised more than $100m each from investors to recapitalise Stockbridge’s $1bn Fund II and RREEF’s $1.6bn Global Opportunities Fund II. The rescue capital comes through two different structures: a preferred equity infusion and a new debt facility.