Real Estate
The firm’s latest opportunistic real estate fund closes with total commitments exceeding $1 billion.
Many endowments, foundations and their allocators point to relatively small or medium-size private equity buyout and early-stage venture capital for returns that outpace the public markets, while private real estate, infrastructure, hedge funds and private debt, especially asset-based lending look like strong portfolio diversifiers in this year’s mercurial environment.
The plan added $560 million in recent commitments across private equity, infrastructure and real estate.
The retirement system also approved private equity and real estate commitments totaling $60 million yesterday.
The board recently approved real estate commitments and increased previously made private equity commitments.
The plan also made up to $55 million in alternatives commitments in the fourth quarter.
The retirement fund also terminated a global equity manager-of-managers and made commitments totaling $695.6 million in October.
The plan hired two firms to implement emerging manager programs of up to $400 million each for real estate and real assets.
The retirement fund also disclosed commitments totaling $1.1 billion in September.
The fund expects to hear recommendations to add private markets and real estate commitments next year.