Oregon Public Employees Retirement Fund (PERF) has expanded its real estate separate account relationship with Ascentris with a new $300m (€252.7m) capital commitment.
Tony Breault, senior investment officer for the Oregon State Treasury, which oversees the investments for Oregon PERF, told IPE Real Assets: “Ascentris has proven to be a highly collaborative and transparent partner, with excellent communications and client-first approach to investing.
“The manager has demonstrated a strong capability to work alongside our team as they assemble the portfolio and invest prudently on our behalf.”
The relationship started in 2013, and as of the end of March this year, the $199.5m Ascentris portfolio had produced an internal rate of return of 12.58%.
“This relationship can invest in either value-add/pre-stabilised or core/stabilised properties nationally in the US,” Breault said.
The account is expected to invest the new capital into a mixture of industrial, apartments and office assets.
Including leverage, the Ascentris separate account is expected to acquire $600m worth of assets over the next two to three years.
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