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The Top 10 Largest Public Pension Allocations to Private Real Estate of 2021

By: Amy Sariego

Originally posted on August 20, 2021
Last updated on April 27, 2022

Staying up-to-date on where public pension funds are making their investments can be a critical part of an investment salesperson’s day to day. However, it can also be an incredibly time consuming task, given the sheer number of pension funds across the country. 

At Dakota, we’ve been fundraising since 2006, and have raised over $40B for our partners in that time. We’ve made it part of our DNA to stay on top of public pension fund investments, and we want to help make these updates as accessible to our peers as possible

In this article, we’re going to dive into ten of the largest public pension allocations made to Private Real Estate so far this year. By the end of this list, you’ll have a good jumping off point to better understand where funds are being allocated within the Private Real Estate space.

1. New York State Common Retirement Fund: $247,700,000,000

Investment Strategies:

  • LaSalle US Property Fund: $300,000,000
  • KKR Real Estate Partners Americas III: $300,000,000
  • Black Creek Industrial Fund: $300,000,000
  • Blackstone BioMed Life Science Real Estate Partners: $300,000,000
  • Oaktree Real Estate Opportunities VIII: $200,000,000
  • Exeter Europe Logistics Value Fund IV: $200,000,000
  • Kayne Anderson Real Estate Partners VI: $150,000,000
  • Mandrake Capital Real Estate Fund: $15,000,000
  • Brasa Credit II: $15,000,000
  • Roxborough Fund III: $10,000,000
  • Empire GCM RE Anchor Fund: $10,000,000

2. Texas County & District Retirement System: $38,112,000,000

Investment strategies:

  • FPA Core Plus Fund V: $125,000,000
  • Carlyle Realty Partners IX: $125,000,000
  • FCP Realty Partners IX: $125,000,000
  • Taconic Commercial Real Estate Dislocation III Fund: $100,000,000
  • SRE Opportunity Fund IV: $100,000,000
  • Victory European Real Estate Fund II: $65,000,000
  • Roxborough Fund III: $45,000,0000
  • Whitman/Peterson IV: $9,425,000

3. Teacher Retirement System of Texas: $180,523,000,000

Investment strategies:

  • Starwood Distressed Opportunity XII: $200,000,000
  • Camden Multifamily Core Fund: $108,726,713
  • Apollo Alamo RA: $100,000,000
  • CBRE Strategic Partners IX Tiger: $100,000,000
  • BREP Texas Trinity Fund: $100,000,000
  • Brockton Capital Fund III Sidecar A: $42,662,392
  • Pennybacker EIV: $25,0000,0000

4. Florida State Board of Administration: $250,526,000,000

Investment strategies:

  • Heitman Global II: $200,000,000
  • Blackrock US CRE Debt Fund: $200,000,000
  • Carlyle Property Investors: $150,000,000
  • RREEF Core Plus Industrial Fund: $120,000,000
  • CBRE AVP V Japan Co: $100,000,000
  • Heitman Value Partners V: $75,000,000
  • Invesco Strategic Opportunities III Co-investment: $40,000,000

5. Los Angeles City of Employees' Retirement System: $22,507,000,000

Investment strategies:

  • Brookfield Strategic Real Estate Partners IV-B: $50,000,000
  • GLP Capital Partners IV: $40,000,000
  • Wolff Credit Partners III: $35,000,000
  • Kayne Anderson Core Real Estate: $25,000,000
  • Clarion Lion Industrial Trust: $25,000,000

6. Montana Board of Investments: $14,549,000,000

Investment strategies:

  • Bell Core Fund I: $80,000,000
  • Centerbridge Real Estate Value Fund II: $50,000,000
  • Fidelity Real Estate High Income Fund: $30,000,000
  • Sterling Logistics Properties Fund I: $25,000,000

7. Fairfax County Educational Employees' Supplementary Retirement System: $3,188,000,000

Investment strategies:

  • IDR Core Property Index Fund LLC: $30,700,000
  • IPI Partners II: $13,500,000
  • Atlas Capital Investors VI: $13,500,000
  • Centerbridge Real Estate Value Fund II: $13,000,000

8. Connecticut Retirement Plans and Trust Funds: $45,000,000,000

Investment strategies:

  • Carlyle Realty Partners IX: $180,000,000
  • Basis Investment Group Real Estate Fund II: $125,000,000
  • Covenant Apartment Fund X: $75,000,000
  • Rubicon First Ascent: $50,000,000

9. Texas Municipal Retirement System: $34,549,000,000

Investment strategies:

  • Transwestern Strategic Partners Fund III: $100,000,000
  • Platform Ventures RE Strategies V: $100,000,000
  • Virtus Real Estate Capital III: $25,000,000

10. State Universities Retirement System of Illinois: $19,600,000,000

Investment strategies:

  • Carlyle Property Investors: $100,000,000
  • Platform Ventures RE Strategies V: $100,000,000
  • Basis Investment Group Real Estate Fund II: $50,000,0000

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