Alaska Permanent Fund Corporation (APFC) is planning to invest $700m (€663.4m) in the fiscal 2023 year to target multifamily, industrial and office properties.
The $81.38bn sovereign wealth fund revealed in a meeting document that for the fiscal year beginning in July, it expects to invest $100m in multifamily and place $300m each into industrial and office real estate.
According to APFC, the real real estate pacing plan for fiscal 2023 could be increased by $500m depending on opportunities and market conditions during the period.
As previously reported APFC had a plan to invest up to $775m in private real estate in fiscal 2022.
The sovereign wealth fund disclosed in the meeting document that it is yet to complete two deals involving a $100m investment into a build-to-core apartment joint venture and a $300m commitment to an open-ended multifamily investment fund managed by an unnamed affordable housing manager.
APFC also disclosed that during the third quarter of the current fiscal 2022 financial year, it made a $300m commitment to Denali Industrial Properties, a joint venture with Lincoln Property Company.
To read the latest edition of the latest IPE Real Assets magazine click here.