Alaska Permanent Fund Corporation (APFC) is planning to hire apartment and industrial real estate operating companies as partners during the first half of next year.
In a meeting document, the $66.56bn sovereign wealth fund manager revealed that a final decision for the search – which is being conducted with the help of consultant RCLCO Fund Advisors – will be made in March for the apartment and in April for the industrial manager search.
APFC is currently under-allocated to both property types.
In February last year, the sovereign wealth fund sold close to one-quarter of its real estate portfolio by disposing of its 50% stake in Simpson Housing for $1.4bn (€1.26bn).
IPE Real Assets previously reported that APFC was planning to raise its real estate target from 11% this year to 12% in 2020 and 13% in 2021.
In the meeting document, APFC said it intends to deploy $700m into private real estate in the 2020 fiscal year beginning 1 July and $600m the year after.
So far this fiscal year, APFC has made very few real estate investments, most of which have been through new direct investments.
It has not yet committed capital to funds.