Compenswiss, Switzerland’s CHF34bn (€31bn) first-pillar buffer fund, is further diversifying its foreign real estate portfolio with three new mandate tenders.

It is seeking value add or opportunistic fund strategies in Europe, Asia and the US.

Compenswiss told IPE Real Estate the mandates were part of an ongoing investment programme under which around CHF40m-60m would be invested per year.

The fund said it would be most likely to tender mandates for Europe, Asia and the US each year until the target size for the value-add/opportunistic segment of around CHF300m had been reached.

The supervisory body for the first-pillar fund decided to increase exposure to global real estate in late 2013 and diversify away from mostly listed investments.

“In recent years,” Compenswiss said, “we have made various investments in core/core-plus funds [Europe and Asia].”

The fund last year tendered a non-listed Asian real estate mandate. 

Compenswiss confirmed that capital for the new investments would be “partly taken” from investments in REITs.

The new mandates have also been tendered via IPE Quest; interested managers have until 30 September to apply.

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