Lisa Fu
New York-based Pretium’s $1.5bn deal is one of the largest GP-led secondaries transactions recorded, as such deals account for a growing share of the market.
Following positive return performances in 2018, family office allocations to the strategy increased by 2.1 percentage points – more than any other asset class.
The pension fund, among others, is concerned about the additional risks managers in the strategy are taking in order to meet higher return targets.
The pension fund, among others, is concerned about the additional risks managers in the strategy are taking in order to meet higher return targets.
Given a family office’s access to long-dated capital, real estate investments seem like a good fit. But management fees continue to be an area of contention.
The Dallas-based firm rolled over uncalled capital from a predecessor vehicle to help close on $4.7bn for Lone Star Real Estate Fund VI.
Bracing for a possible market downturn in 2019, the Chicago Teachers’ Pension Fund sees allocations to real estate debt strategies as one way for pensions to meet the liabilities of their beneficiaries.
The Chicago-based investment firm has had an active European real estate debt business since 2010.
The Los Angeles, California-based firm is now preparing to launch its Oaktree Real Estate Opportunity Fund VIII in 2019.
Lending to a singular alternative real estate sector means a firm must be ready to underwrite a property type’s unique risk and demonstrate specialist expertise.