Alaska Permanent Fund Corporation is planning to invest up to $775m (€634m) in private real estate in fiscal 2022, according to the sovereign wealth fund’s meeting document.
For the fiscal year starting in July, the $65.3bn fund will begin the period with 7.2% of its total plan assets invested in real estate and it expects the amount invested to increase to 8.7% by the end of the fiscal year.
The long-term plan is to have real estate accounting for 12% of its total plan assets by the end of fiscal 2025.
The plan involves making equity investments in apartment and industrial real estate assets some of which will be through new managers.
Alaska Permanent’s recent commitments include issuing $200m to expand a debt separate account relationship with Heitman. The sovereign wealth fund also made a $100m equity investment in the Gateway project in New York managed by Greystar Real Estate Partners and a $186m investment into The Bowery apartment complex.
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