Capital Raising News – Page 186
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CalPERS uses $700m to tap opportunity
UNITED STATES - California Public Employees Retirement System is continuing to pursue its international real estate investment strategy by placing $700m (€493.8m) in real estate commingled funds generating targeted net IRRs of 20%.
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Los Angeles City nears commitment to debt fund
UNITED STATES - Los Angeles City Employees’ Retirement System is getting close to making a $25m (€17.6m) commitment to the ING Clarion Debt Opportunity Fund III.
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US funds 'wait and see' over Lehman bankruptcy
UNITED STATES - Several pension funds in the United States have yet to make any decisions about the activity it will now take regarding previous commitments made to Lehman Brothers-sponsored commingled real estate funds, after the firm today announced it was filing for Chapter 11 bankruptcy.
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ABP extends hotel holdings in key European cities
EUROPE - Europe’s second-largest pension scheme ABP, the Netherland’s huge €215bn public service fund, has expanded its European real estate portfolio with the purchase of six hotels in Paris, Amsterdam and Düsseldorf.
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AvalonBay falls short of capital raising goal
UNITED STATES - AvalonBay Communities has raised $333m (€234.2m) of equity for its latest commingled fund, AvalonBay Value Added Fund II – but this is short of the $500m goal established early in the process.
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CalSTRS expands real estate debt investments
UNITED STATES - California State Teachers Retirement System is in the process of increasing its efforts investing capital into real estate debt, having just invested $500m (€354.5m) in that arena.
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Kansas PERS moves into senior housing
UNITED STATES - Kansas Public Employees Retirement System has expanded its real estate strategy into senior housing by making a $35m (€24.6m) commitment to AEW Senior Housing Investors LP.
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Orange County considers opportunistic allocations
UNITED STATES - Orange County Employees Retirement System has approved a plan to explore the idea of creating a separate allocation for opportunistic or innovative investments.
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Pramerica sees capital waiting on the sidelines
UNITED STATES - Pramerica Real Estate Investors have found a huge sum of investible capital is currently sitting on the sidelines in the United States, as investors are unsure whether now is a good time to invest given market conditions.
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Lehman spins off real estate after $3.9bn loss
GLOBAL – Investment banking giant Lehman Bros is separating its commercial real estate business as a new listed entity and selling a majority stake in its investment management division after yet more writedowns generated a third-quarter net loss of $3.9bn (€2.76bn).
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Ohio Police and Fire dampens core strategy
UNITED STATES - Ohio Police and Fire Pension Fund has altered its 2008 real estate strategy and will now be investing in core real estate this year, as previously planned.
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SanFran City and County signs follow-on commitments
UNITED STATES - San Francisco City and County Employees’ Retirement System is extending its relationship with CapMark Financial Group by approving follow-on real estate commitments worth $62.5m (€43.2m).
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SEB to cash in on expanding Cologne office market
GERMANY - Frankfurt-based SEB Asset Management (SEB) has further expanded its German property holdings with the purchase of a major office building in Cologne which adds €75m to the group’s existing €132bn assets under management.
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ORG to support Indiana PERF
UNITED STATES- Indiana Public Employees Retirement Fund has selected ORG Portfolio Management as its first consultant dedicated to the real estate asset class.
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CalPERS taps call for debt liquidity
UNITED STATES - California Public Employees Retirement System has made a $200m (€135.4bn) commitment into a US Debt Fund investment run by JER Investors Trust, to take advantage of dislocation in the credit markets.
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Apollo creates AREFIN on new investor demand
UNITED STATES - Apollo Real Estate Advisors has attracted an additional $309m (€210.6m) for its commingled fund, Apollo Real Estate Finance Corp, and placed the new capital raising in a separate holding called AREFIN Co-Investment Corporation.
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Pennsylvania Public School invests $775m
UNITED STATES - Pennsylvania Public School Employees Retirement System has approved new real estate commitments totaling $775m (€526.4m) in four commingled funds, including a $400m chunk with Beacon Capital.
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Pramerica venture to invest in Manhattan skyline
UNITED STATES - Pramerica Real Estate Investors has formed a joint venture with L&L Holding Company to invest in New York City office buildings.
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Contra Costa County seeks moves into wider space
UNITED STATES - Contra Costa County Employees Retirement System is looking to make some big moves into the opportunity fund sector of real estate.
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San Francisco City and County turn to distressed debt
UNITED STATES - San Francisco City and County Employees’ Retirement System has made a €20m commitment into the Apollo European Principal Finance fund, to tap into the growing demand for distressed debt support.
