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CalPERS Commits $530 Million to Asia Real Estate Funds

According to the press release, “The California Public Employees’ Retirement System (CalPERS) today announced a $530 million investment commitment to two new real estate funds that will target investments in China.

CalPERS will invest $480 million to the ARA Long Term Hold Fund sponsored by ARA Asset Management, a member of the Cheung Kong Group. The pension fund will also invest $50 million in ARA’s Dragon Fund II. CalPERS previously invested $500 million to ARA Dragon Fund I in 2007.

“Income growth and urbanization remain the key themes for growth in China,” said Joe Dear, CalPERS Chief Investment Officer. “China’s office and retail sectors offer stable rental income and potential for capital value growth.”

ARA’s Long Term Hold Fund will target investments in high quality office buildings in central business districts and retail malls in well-located, densely populated suburbs in the first and second tier cities in China and Hong Kong. The Dragon Fund will primarily focus on retail, office and residential property investment in key cities of China, Singapore Hong Kong, and Malaysia.

“ARA is a disciplined investor with a strong bench of senior executives and capabilities in many aspects of real estate operations in Asia,” said Ted Eliopoulos, Senior Investment Officer for CalPERS real estate program. “The team has performed well for our fund over the years.”

CalPERS first investment in ARA’s Dragon Fund earned the pension fund a 19.2 percent return for the one year period ended March 31, 2012, and an annual 8.4 percent return over the last three years through March 31, 2012.”

Read more: CalPERS Press Release

Tony Tan Named Director and Special Advisor of GIC

Singapore’s GIC Private Limited named Dr Tony Tan Keng Yam (Tony Tan) as director and special advisor to the wealth fund, effective January 1, 2018. Tan was the former Deputy Chairman and Executive Director of GIC from September 2005 to June 2011. In 2011, He went on to serve as the 7th President of Singapore until August 31, 2017.

In a press release, Lim Chow Kiat, Chief Executive Officer of GIC, said, “As Special Advisor, Dr Tan will provide much value in broadening and strengthening GIC’s network of senior statesmen and leaders of corporations and institutions who may be constructive in advancing the business and interests of GIC. We will also benefit from his extensive knowledge and perspectives on global matters.”

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Former U.S. Treasury Secretary Jacob Lew Joins Lindsay Goldberg

New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.

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San Diego City Employees Retirement System to Reduce PE and Infrastructure for FY 2018

The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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