The Oklahoma Teachers’ Retirement System has hired six real estate managers for non-core investments worth $300m (€235m).
The US pension fund will invest in the American Realty Strategic Value Realty Fund, Antheus Realty Partners IV, Dune Real Estate Fund III, GreenOak Real Estate Partners US Fund II, Landmark Real Estate Fund VII and Starwood Opportunity Fund X Global.
The funds were selected on the recommendation of the fund’s consultant, Gregory W Group.
Oklahoma initially planned to invest $50m with each of the six managers.
Landmark, however, could not take the full amount by the time of the board’s approval and was allocated $35m.
The pension fund planned to spread the remaining $15m across the remaining five managers.
However, GreenOak closed its capital raise.
The other four managers will receive $53.7m each.
Antheus Realty Partners IV will focus solely on apartments, while Starwood will invest equally in Europe and the US.
Landmark will buy current limited partnership positions in existing funds on the secondary market.
American Realty will be buying value-add US office, industrial, retail and apartment properties and has raised $240m of capital for the open-ended fund.
The fund has targeted returns of 13-15% gross and 11-13% net.
GreenOak raised $756m for its US-focused fund, which will invest in several property classes.
Dune Capital is targeting an $850m total equity raise for its opportunity fund.
Investing in multiple property types, the fund has targeted IRRs of 15-17% net.
- American Investors
- American Realty Capital Partners
- Dune Capital
- Investment Vehicles
- Landmark Partners
- Oklahoma Teachers Retirement System
- Pension Funds
- Real Estate
- Separate accounts
- US Investors