The Largest Public Pension Allocations to Private Real Estate by Consultant in 2021

Understanding where public pension funds are making their investments can be a huge piece of an investment salesperson’s day. However, it can also be a 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 break down the largest public pension allocations to Private Real Estate by General Consultants in 2021. By the end of this list, you’ll have a great starting point to better understand which consultants are making the largest allocations. 

1. RVK: $2,995,000,000

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
• Axton Holdings: $250,000,000
• 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
• Mesa West Real Estate Income Fund V: $100,000,000
• Carlyle Realty Partners IX: $100,000,000
• Transwestern Strategic Partners Fund III: $100,000,000
• Platform Ventures RE Strategies V: $100,000,000
• RREEF Core Plus Industrial Fund: $80,000,000
• Bell Core Fund I: $80,000,000
• Almanac Realty Securities IX: $60,000,000
• Berkshire Multifamily Debt Fund III: $60,000,000
• AXA European Life Science Fund: $50,000,000
• Centerbridge Real Estate Fund II: $50,000,000
• Brookfield Strategic Real Estate Partners IV: $50,000,000
• ISO III SMRS Sidecar: $35,000,000
• Fidelity Real Estate High Income Fund: $30,000,000
• Virtus Real Estate Capital III: $25,000,000
• Sterling Logistics Properties Fund I: $25,000,000
• 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. AON Hewitt: $2,396,389,105

Investment strategies:

• Brookfield Strategic Real Estate Partners IV: $300,000,000
• Carlyle CRP IX: $300,000,000
• Brookfield Strategic Real Estate Partners IV: $300,000,000
• Carlyle Realty Partners IX: $300,000,000
• Starwood Distressed Opportunity XII: $200,000,000
• KKR Real Estate Partners Americas III: $125,000,000
• 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
• Landmark Real Estate IX: $100,000,000
• Blackstone Real Estate Partners Asia III: $100,000,000
• GLP Capital Partners IV: $50,000,000
• Carlyle Realty Partners IX: $50,000,000
• Brockton Capital Fund III Sidecar A: $42,662,392
• KKR Real Estate Partners Americas III: $30,000,000
• Waterton Residential Property Venture XIV: $30,000,000
• Pennybacker EIV: $25,000,000
• Cabot Industrial Value Fund VI: $25,000,000
• Kayne Anderson Real Estate Partners VI: $10,000,000

3. Meketa Investment Group: $1,785,000,000

Investment strategies:

• Prime Property Fund: $200,000,000
• Carlyle Realty Partners IX: $180,000,000
• Hudson Single Family Rental Fund: $150,000,000
• Basis Investment Group Real Estate Fund II: $125,000,000
• Bain Capital Real Estate Fund II: $100,000,000
• Prime Property Fund: $100,000,000
• Carlyle Property Investors: $100,000,000
• Nuveen U.S. Cities Multifamily Fund: $100,000,000
• Penwood Select Industrial Fund VI: $100,000,000
• Horizon MH Fund II Co-Invest: $100,000,000
• Covenant Apartment Fund X: $75,000,000
• Invesco Real Estate Asia Fund: $75,000,000
• Heitman Value Partners V: $65,000,000
• CBRE Strategic Partners US Value IX: $55,000,000
• Rubicon First Ascent: $50,000,000
• Carlyle Realty Partners IX: $50,000,000
• Torchlight Debt Opportunity Fund VII: $50,000,000
• Basis Investment Group Real Estate Fund II: $50,000,000
• American Landmark Fund III: $30,000,000
• TerraCap Partners V: $14,000,000
• Carlyle Realty Partners IX: $8,000,000
• Taconic Commercial Real Estate Dislocation III Fund: $8,000,000

4. Cambridge Associates: $1,070,000,000

Investment strategies:

• Heitman Global II: $200,000,000
• Blackrock US CRE Debt Fund: $200,000,000
• Carlyle Property Investors: $150,000,000
• Berkshire Multifamily Debt Fund III: $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
• High Street Real Estate Fund VII: $35,000,000

5. Cliffwater: $694,425,000

Investment strategies:

• FPA Core Plus Fund V: $125,000,000
• Carlyle Realty Partners IX: $125,000,000
• FCP Realty Fund V: $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: $45,000,000
• Whitman/Peterson IV: $9,425,000

6. Callan Associates: $615,000,000

Investment strategies:

• Invesco Real Estate US Fund VI: $200,000,000
• Invesco Value Add Fund VI: $200,000,000
• Invesco Real Estate US Fund VI: $75,000,000
• KKR Real Estate Partners Americas III: $50,000,000
• Almanac Realty Securities IX: $50,000,000
• Basis Investment Group Fund II: $40,000,000

Investment strategies:

• Carlyle Realty Partners IX: $250,000,000
• Penwood PSIP II: $125,000,000
• Harrison Street Real Estate Partners VIII: $125,000,000
• Artemis Real Estate Partners Income & Growth Sidecar Fund: $100,000,000

8. Wilshire Associates Inc.: $570,000,000

Investment strategies:

• Harrison Street Core Property Fund: $200,000,000
• Prologis Targeted US Logistics Fund: $100,000,000
• CBRE Strategic Partners US Value IX: $100,000,000
• Cortland Enhanced Value Fund V: $60,000,000
• Ventas Life Science & Healthcare Real Estate Fund: $60,000,000
• Artemis Healthcare Fund II: $50,000,000

9. Verus: $430,000,000

Investment strategies:

• Cortland Growth and Income: $100,000,000
• Sunbelt Residential Development Fund: $100,000,000
• Carlyle Realty Partners IX: $100,000,000
• Invesco Real Estate US Fund VI: $50,000,000
• CBRE Strategic Partners US Value IX: $40,000,000
• Starwood Distressed Opportunity XII: $40,000,000

10. NEPC: $423,000,000

Investment strategies:

• KKR Real Estate Partners Americas II: $60,000,000
• Carlyle Core Plus Real Estate: $60,000,000
• Brookfield Strategic Real Estate Partners IV-B: $50,000,000
• GLP Capital Partners IV: $40,000,000
• Wolff Credit Partners III: $35,000,000
• Invesco Real Estate US Fund VI: $30,000,000
• Milestone RE Investors V: $30,000,000
• Brookfield Strategic Real Estate Partners IV: $25,000,000
• Kayne Anderson Core Real Estate: $25,000,000
• Clarion Lion Industrial Trust: $25,000,000
• Invesco Real Estate US Fund VI: $20,000,000
• Melford Capital III: $12,000,000
• ElmTree Net Lease Fund IV: $5,000,000
• Alidade Capital Fund V: $3,000,000
• TerraCap Partners V: $3,000,000