Institutional investors remained highly active in private real estate throughout Q4 2024, with top consultants guiding significant capital commitments across U.S. public pension and retirement systems. As market conditions continue to evolve, real estate remains a critical component of institutional portfolios, providing diversification, income generation, and inflation protection. Consultants such as The Townsend Group, Meketa Investment Group, AON, StepStone Group, and NEPC played a key role in advising public plans on strategic investments across multifamily housing, logistics, healthcare, and other real estate sectors.
This quarter’s consultant-led allocations highlight the sustained investor appetite for private real estate, with capital flowing into both core and opportunistic strategies. The data below outlines the major real estate commitments made in Q4 2024, offering a snapshot of where institutional capital is being deployed and which consultants are leading these investment decisions.
In this article, we highlight the largest public pension commitments to real estate, showcasing the critical role consultants play in identifying and executing these opportunities. By the end, you’ll gain insights into which consultants are steering the largest allocations in this growing sector.
1. The Townsend Group: $2.7B
Florida State Board of Administration
- WCP NewCold III: $150,000,000
- iStorage JV II OKC Holdings: $59,000,000
- iStorage JV II RGV Holdings: $56,000,000
- Crescent BTR: $52,000,000
- Crescent BTR Greensboro Hobbs Road: $47,000,000
Kansas Public Employees Retirement System
- LBA Logistics Value Fund X-A: $85,000,000
- Principal Data Center Growth & Income Fund: $85,000,000
Los Angeles Fire & Police Pension System
- LBA Logistics Value Fund X-A: $75,000,000
- Principal Data Center Growth & Income Fund: $10,000,000
New Mexico State Investment Council
- Fairfield US Multifamily Value Add Fund IV: $200,000,000
- FPA Apartment Opportunity Fund IX: $200,000,000
- Berkshire Multifamily Credit Fund IV: $150,000,000
New York State Common Retirement Fund
- WCP NewCold III: $400,000,000
- Fairfield US Multifamily Value Add Fund IV: $250,000,000
- Fairfield US Multifamily Value Add Fund IV Co-Invest: $150,000,000
Orange County Employees Retirement System
- LBA Logistics Value Fund X-A: $75,000,000
Sacramento County Employees Retirement System
- WCP NewCold III: $50,000,000
Tennessee Consolidated Retirement System
- Berkshire Multifamily Credit Fund IV: $150,000,000
Virginia Retirement System
- QuadCP Fund II: $200,000,000
- Pretium Homebuilder Finance Fund: $150,000,000
- Artemis Income & Growth Fund II: $125,000,000
- Artemis Income & Growth Fund II Separate Account: $50,000,000
2. Meketa Investment Group: $1.1B
California Public Employees' Retirement Systems
- Nuveen Real Estate U.S. Affordable Housing: $500,000,000
City of San Jose Police and Fire Department Retirement
- TA Realty Core Property Fund: $42,500,000
Newport News Employees Retirement Fund
Oregon Public Employees Retirement Fund
- Hammes Income & Growth Healthcare Fund: $110,000,000
- Harrison Street European Property Partners: $110,000,000
- Sculptor Real Estate Fund V: $110,000,000
- LBA Logistics Value Fund X-A: $100,000,000
- LBA Oregon Core Industrial: $100,000,000
Rhode Island State Pension
- Belveron Partners Fund VII: $20,600,000
State Universities Retirement System of Illinois
- Belay Ventures IV: $50,000,000
3. AON: $700M
Teachers Retirement System of Louisiana
- Mesirow Financial Real Estate Value Fund V: $125,000,000
- Sculptor Real Estate Fund V: $125,000,000
- Stockbridge Smart Markets Fund: $400,000,000
Arkansas Teacher Retirement System
- Long Wharf Real Estate Partners VII: $50,000,000
4. StepStone Group: $438M
Los Angeles County Employees' Retirement Association
- Green Oak SCSp: $110,000,000
- Clarion Lion Properties Fund: $7,500,000
State of Wisconsin Investment Board
- Lone Star Real Estate Fund VII: $150,000,000
- FPA Core Plus Fund VI: $50,000,000
- RLIF Co-Investment Fund II: $50,000,000
- Heitman Real Estate Debt Partners III: $50,000,000
- Realterm Airport Logistics Properties: $21,000,000
5. Hamilton Lane Advisors: $310M
New Jersey Division of Investment
- Carlyle Realty Partners X: $300,000,000
Santa Barbara County Employees' Retirement System
- Grandview III: $10,000,000
6. RVK: $280M
City of Jacksonville Police and Fire Pension Fund
- H.I.G. Realty Partners V: $15,000,000
City of Jacksonville Retirement System
- Carlyle Property Investors: $250,000,000
Wyoming State Loan and Investment Board
- H.I.G. Realty Partners V: $15,000,000
7. NEPC: $279M
Baltimore City Fire and Police Retirement System
- Madison Real Estate Debt: $15,000,000
- Sculptor Real Estate Fund I: $15,000,000
- Starwood Debt Fund I: $15,000,000
Boston Retirement System
- TerraCap Partners I: $25,000,000
- Mesirow Financial Real Estate Value Fund: $25,000,000
City of Fresno Retirement Systems
- Blue Vista Real Estate Partners Co-Invest: $9,000,000
City of Manchester Employees Contributory Retirement System
- Heitman Real Estate Debt Partners III: $5,000,000
Fresno County Employees Retirement Association
- Ares U.S. Real Estate Opportunity Fund IV: $50,000,000
Seattle City Employees Retirement System
- Sculptor Real Estate Fund V: $20,000,000
Ventura County Employees' Retirement Association
- Sculptor Real Estate Fund V: $100,000,000
8. Callan Associates: $250M
Alaska Retirement Management Board
- Heitman Real Estate Debt Partners III: $75,000,000
- Walton Street Real Estate Debt Fund I: $75,000,000
North Dakota State Investment Board
- Carlyle Realty Partners X: $100,000,000
9. Verus: $240M
Contra Costa County Employees Retirement Association
- Jadian Real Estate Fund II: $60,000,000
Tulare County Employees' Retirement Association
- Stockbridge Value Fund V: $15,000,000
Indiana Public Retirement System
- KKR Project Campus: $15,000,000
Pennsylvania Public School Employees' Retirement
- WCP NewCold III: $150,000,000
10. Robert Charles Lesser & Co (RCLCO): $100M
California State Teachers' Retirement System
- Lone Star Fund XII: $100,000,000
11. Albourne: $100M
Texas Municipal Retirement System
- WCP NewCold III: $60,000,000
12. Wilshire Associates, Inc.: $75M
Illinois Municipal Retirement Fund
- BIG Real Estate Fund III: $75,000,000
13. Grosvenor Capital Management, L.P.: $50M
Teacher Retirement System of Texas
- Faropoint Industrial SLB Fund: $50,000,000
14. Segal Marco Advisors: $50M
Massachusetts Bay Transportation Authority
- PRIM Real Estate: $30,000,000
Fairfax County Educational Employees' Supplementary Retirement System
- CBRE U.S. Logistic Partners: $6,000,000
- FPA Apartment Opportunity Fund IX: $8,750,000
- Berkshire Multifamily Credit Fund IV: $5,000,000
15. Asset Consulting Group: $30M
Oklahoma Municipal Retirement Fund
- Morgan Stanley Prime Property Fund: $30,000,000
16. Aksia: $20M
New York City Board of Education Retirement System
- Mesirow Financial Real Estate Value Fund V: $20,000,000
17. Mariner Institutional: $10M
Dallas-Fort Worth Airport Board Retirement Plan
- PCCP Credit X: $10,000,000
Capitalize on Consultant-Driven Real Estate Allocations
Real estate continues to be a vital asset class for institutional investors, with consultants driving strategic allocations across various property sectors and investment strategies. The Q4 2024 allocations demonstrate a strong commitment to private real estate, with consultants guiding pension funds and retirement systems toward funds focused on logistics, multifamily housing, and other high-growth segments. As investors seek stability and long-term returns in an evolving economic environment, the role of consultants in navigating the real estate landscape remains critical. Looking ahead, these allocations provide insight into emerging trends and the investment priorities of major institutional players in private real estate.
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