Institutional investors remained committed to private real estate in Q3 2025, continuing to rely on consultants to guide portfolio construction and identify opportunities across an evolving market landscape. With interest rates stabilizing and capital markets showing early signs of recovery, investors maintained steady demand for real assets that offer income, diversification, and inflation protection.
This past quarter, consultants such as The Townsend Group, Meketa Investment Group, StepStone Group, and Grosvenor Capital Management led the way, directing billions toward value-add and opportunistic strategies across sectors like logistics, multifamily housing, and digital infrastructure. Co-investments and real estate credit strategies also gained traction as institutions sought to enhance flexibility and yield.
Together, these allocations underscore a clear theme: consultants continue to play a defining role in shaping institutional exposure to private real estate, balancing long-term stability with opportunities for growth in a shifting market environment.
1. The Townsend Group: $4.18B
Florida State Board of Administration – $1.57B
- Holland I – Core Real Estate
- Bozzuto I – Opportunistic Real Estate
- Blue Owl Digital Infrastructure Fund III – Value-Add Real Estate
- Starwood Distressed Opportunity XIII – Opportunistic Real Estate
- PGIM PRISA III Sunshine Housing Sidecar – Co-Investment Real Estate
- Landmark Partners – Core Real Estate
- FPA Core Plus Fund VI – Core Plus Real Estate
- Asana Partners Fund IV, LP – Value-Add Real Estate
- Oxnard Logistics Center – Core Real Estate
- PRISA III – Value-Add Real Estate
- The Indy – Core Real Estate
- Heitman Crescent BTR – Opportunistic Real Estate
- CenterSqaure Real Estate Securities – Private REIT
- iStorage II – Opportunistic Real Estate
New York State Common Retirement Fund – $1.53B
- RFM Affordable Housing Fund – Opportunistic Real Estate
- Bell Partners Growth & Income Fund, L.P, – Opportunistic Real Estate
- Kayne Anderson Real Estate Partners VII – Value-Add Real Estate
- WCP NewCold – Value-Add Real Estate
- Jadian Real Estate Fund II – Opportunistic Real Estate
- Brookfield Strategic Real Estate Partners V – Opportunistic Real Estate
- Jadian Real Estate Fund II Co-Investment – Co-Investment Real Estate
New Mexico State Investment Council – $233M
- EQT Exeter Europe Logistics Value Fund IV – Value-Add Real Estate
Kansas Public Employees Retirement System – $$85M
- Marcus Capital Partners Fund V – Value-Add Real Estate
- Ares US Real Estate Fund XI – Value-Add Real Estate
Virginia Retirement System – $150M
- Silver Creek Manufacturing – Value-Add Real Estate
Los Angeles Fire & Police Pension System – $150M
- Realty Income US Core Plus Fund, LP – Core Plus Real Estate
- Carlyle Property Investors – Core Plus Real Estate
San Bernardino County Employee Retirement Association – $140M
- Kayne Anderson Real Estate Partners VII – Value-Add Real Estate
- PRECap VIII – Real Estate Debt
Los Angeles City Employees’ Retirement System – $135M
- Carlyle Property Investors – Core Plus Real Estate
- EQT Exeter Europe Logistics Value Fund V (No.2) SCSp – Private Real Estate
Orange County Employees Retirement System – $105M
- EQT Exeter Europe Logistics Value Fund V – Value-Add Real Estate
2. Meketa Investment Group: $2.3B
California Public Employees’ Retirement Systems – $1.4B
- Brookfield Strategic Real Estate Partners V – Opportunistic Real Estate
- BentallGreenOak Asia (USD) IV – Value-Add Real Estate
- BSREP Co-Invest (CAS) – Co-Investment Real Estate
Oregon Public Employees Retirement Fund – $428M
- Blue Owl Real Estate Fund VII – Value-Add Real Estate
- Abacus Multi-Family Partners Fund VII – Value-Add Real Estate
- Hines European Property Partners Fund – Core Plus Real Estate
- Clarion Alternative Sectors Fund GP – Opportunistic Real Estate
New Mexico State Investment Council – $150M
- ArrowMark CRE Structured Finance Fund – Commercial
San Diego City Employees’ Retirement System – $130M
- PRISA III – Value-Add Real Estate
- Invesco US Income – Real Estate Income
- Berkshire Value Fund IV – Value-Add Real Estate
The City of San Jose Office of Retirement Services – $76M
- Kayne Anderson Core Real Estate – Core Real Estate
- IPI Partners Fund III – Value-Add Real Estate
- Corebridge US Real Estate Fund V (A) – Value-Add Real Estate
- Cloud Capital Fund II – Opportunistic Real Estate
- Kayne Anderson Real Estate Partners VII – Value-Add Real Estate
City of San Jose Police and Fire Department Retirement – $51M
- Kayne Anderson Real Estate Partners VII – Value-Add Real Estate
- Corebridge US Real Estate Fund V (A) – Value-Add Real Estate
- Cloud Capital Fund II – Opportunistic Real Estate
Metropolitan Government of Nashville & Davidson County Employees Benefit Trust Fund – $40M
- Stoneleak Opportunity Partners VIII – Opportunistic Real Estate
Plymouth County Retirement Association – $20M
- Intercontinental U.S. Real Estate Investment Fund – Private Real Estate
- Berkshire Value Fund VI – Value-Add Real Estate
Fairfax County Educational Employees' Supplementary Retirement System – 8.75M
- Silver Creek Manufacturing – Value-Add Real Estate
3. Grosvenor Capital Management, LP: $1.48B
Teacher Retirement System of Texas – $1.48B
- Starwood Distressed Opportunity XIII – Opportunistic Real Estate
- Mustang MHC Properties – Core Real Estate
- Blue Owl Real Estate Fund VII – Value-Add Real Estate
- MSD Hospitality Partners – Value-Add Real Estate
- FIVF IV (F-3) – Value-Add Real Estate
- Temerity Strategic Partners II – Opportunistic Real Estate
- Verto Logistics JVCo SCA – Opportunistic Real Estate
- FIVF IV CIP-T, LP – Value-Add Real Estate
- DivCore Fund VII US – Value-Add Real Estate
4. StepStone Group: $1.45B
Los Angeles County Employees' Retirement Association – $550M
- Bell Partners Growth & Income Fund, LP – Opportunistic Real Estate
- CBRE Asia Value Partners VII – Value-Add Real Estate
- Whitman Peterson Fund V – Opportunistic Real Estate
Washington State Investment Board – $400M
- Evergreen Real Estate Partners – Core Real Estate
Teachers’ Retirement System of Illinois – $205M
- Covenant Apartment Fund XII – Value-Add Real Estate
- NB Real Estate Secondary Opportunities II – Secondary Real Estate
- Sagehall Fund II CIV LP – Value-Add Real Estate
Los Angeles Water & Power Employees' Retirement Plan – $100M
- Invesco Commercial Mortgage Income - U.S. Fund – Real Estate Income
- Carlyle Property Investors – Core Plus Real Estate
State of Wisconsin Board – $95M
- Beacon Capital Strategic Partners IX – Value-Add Real Estate
- Carson Industrial JV II – Opportunistic Real Estate
5. Albourne: $585M
Connecticut Retirement Plans and Trust Funds – $350M
- TA Realty Core Property Fund – Core Real Estate
- Sterling United Properties – Core Real Estate
Texas Municipal Retirement System – $100M
- NorthPoint Industrial Fund VII – Core Real Estate
South Carolina Retirement System Investment Commission (RSIC) – $100M
- Carlyle Realty Partners X – Opportunistic Real Estate
Maine Public Employees’ Retirement System – $35M
- High Street Value Fund II – Opportunistic Real Estate
6. Callan Associates: $385M
Illinois Municipal Retirement Fund – $195M
- TA Realty Value-Add Fund XIV – Value-Add Real Estate
- Artemis Real Estate Partners Healthcare Fund III – Value-Add Real Estate
- Newport Capital Fund IV – Value-Add Real Estate
- Lena Specialty Grocer Fund III – Core Plus Real Estate
Public Employees' Retirement System of Mississippi – $75M
- TA Realty Value-Add Fund XIV – Value-Add Real Estate
Alaska Retirement Management Board – $50M
- Sculptor Real Estate Fund V – Private Real Estate
Charlotte Firefighters' Retirement System – $35M
- LaSalle US Property Fund – Core Real Estate
- DWS RREEF America II Fund – Opportunistic Real Estate
Chicago Teachers’ Pension Fund – $30M
- TA Realty Value-Add Fund XIV – Value-Add Real Estate
7. Verus: $308M
Contra Costa County Employees Retirement Association – $225M
- Rialto Credit Opportunities Fund – Real Estate Debt
- Sculptor Real Estate Fund V – Private Real Estate
- Cloud Capital Fund II – Opportunistic Real Estate
- Cross Lake Real Estate Fund IV – Opportunistic Real Estate
Indiana Public Retirement System – $75M
- Lena Specialty Grocer Fund III – Core Plus Real Estate
Kern County Employees’ Retirement Association – $8M
- Beach Point Real Estate Debt Co-Investment – Co-Investment Real Estate
8. RVK: $290M
New Mexico State Investment Council – $125M
- Tallvine Middle Market Infrastructure Fund I – Value-Add Real Estate
Montana Board of Investments – $100M
- Sterling United Properties – Core Real Estate
- Blue Owl Real Estate Fund VII – Value-Add Real Estate
Vermont Pension Investment Committee – $50M
- Harrison Street Real Estate Partners X – Core Real Estate
City of Jacksonville Police and Fire Pension Fund – $15M
- Artemis Real Estate Partners Healthcare Fund III – Value-Add Real Estate
9. NEPC: $243M
Pennsylvania State Employees Retirement System – $100M
- Blue Owl Real Estate Fund VII – Value-Add Real Estate
Seattle City Employees Retirement System – $71M
- Hines European Property Partners Fund – Core Plus Real Estate
Stanislaus County Employees' Retirement Association – $37M
- PIMCO European Data Center Opportunity Fund – Opportunistic Real Estate
- Graceada Partners Fund IV-A, LP – Value-Add Real Estate
Alameda County Employees' Retirement Association – $35M
- Artemis Real Estate Partners Healthcare Fund III
10. Hamilton Lane Advisors: $189M
New Jersey Division of Investment – $174M
- DIF Value-Add Fund IV – Value-Add Real Estate
- DIF Co-Investment – Co-Investment Real Estate
Santa Barbara County Employees' Retirement System – $15M
- Artemis Real Estate Partners Healthcare Fund III – Value-Add Real Estate
- Abacus Multi-Family Partners Fund VII – Value-Add Real Estate
Real Estate Allocations Stay Steady
Consultant-led activity in Q3 2025 reinforced the essential role private real estate continues to play in institutional portfolios. From core and core-plus funds to value-add, opportunistic, and co-investment strategies, consultants guided pension systems and retirement plans through a market still defined by selective optimism and disciplined underwriting.
As capital flowed across housing, logistics, and infrastructure-linked assets, one theme remained clear: consultants focused on stability, long-term value creation, and diversified exposure to resilient real estate sectors.
With billions allocated globally, this quarter’s activity highlights the enduring partnership between consultants and institutions… one built on identifying opportunity, managing risk, and maintaining steady conviction in real assets.
To explore more details on allocation data by consultant, strategy, and fund, book a demo of Dakota Marketplace.
