CBRE Investment Management’s open-ended core US real estate fund is receiving up to $285m (€255.4m) of capital commitments from the Idaho Endowment Fund and the Kansas Public Employees Retirement System (PERS).
Kansas PERS has disclosed making a $125m commitment to CBRE US Core Partners and Idaho Endowment said it is making an initial $40m commitment to the CBRE Investment Management fund.
Idaho Endowment said it intends to increase its committed capital to between $150m and $160m, once the endowment fund receives the full $100.6m investment it is redeeming from the UBS Trumbull Property Income Fund.
Idaho Endowment made the commitment to the CBRE Investment Management fund following a core open-ended manager search conducted by its investment consultant Callan.
Chris Anton, manager of investments for the Idaho Endowment Fund, said the endowment fund was “impressed by CBRE’s management team, historical performance, strategy and process for managing the fund”.
According to sources, the core fund had $8.4bn worth of assets as of the end of last year.
CBRE declined a request for comment.
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