The $14bn (€11.8bn) University of California General Endowment Pool has increased its real estate allocation target from 7% to 8% as it seeks value-add investment opportunities.
The General Endowment Pool revealed in a meeting document that the new long-term allocation will be used to take advantage of value-add opportunities.
As at the end of the first half of the year, the General Endowment Pool had 7.2% of its portfolio invested in real estate. The new allocation target will enable it to invest an additional $150m.
As at the first quarter of the year, value-add accounted for 54% of the General Endowment Pool’s real estate portfolio. Opportunistic and core real estate representing 27% and 19% respectively.
Most of the investor’s existing real estate portfolio is based in the US.
The General Endowment Pool’s previous investments include separate accounts, co-investments and funds structures.
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