Tue, Dec 1, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

CalPERS takes $100m ownership stake in Bentall Kennedy, one of the largest real estate investment advisors in U.S.

Tuesday, June 26, 2012
Opalesque Industry Update: The California Public Employees’ Retirement System (CalPERS) today announced that it has invested approximately $100 million in Bentall Kennedy, becoming a one-third owner in one of North America’s largest real estate investment advisors.

CalPERS acquired the ownership interest in Bentall Kennedy that has been held for the past two decades by Ivanhoe Cambridge, the real estate investment subsidiary of the Caisse de Depot et Placement du Quebec. The remaining two-thirds limited partnership ownership is evenly split between the British Columbia Investment Management Corporation (bcIMC) and Bentall Kennedy’s senior management team.

The investment marks a new strategic move for CalPERS to engage the pension fund and its staff with an experienced real estate investment and management team by taking an ownership interest. It also brings together three like-minded institutions whose cultures are driven by long-term performance, growth and environmental and governance leadership.

“Bentall Kennedy has a track record of fiduciary excellence and is a global leader in environmental, social and governance practices,” said Rob Feckner, President of the CalPERS Board of Administration. “This relationship will allow our real estate team to further expand on trends and opportunities in real estate investment and management.”

“Bentall Kennedy’s North America-wide business platform for real estate investment is a welcome addition to our real estate strategy,” said Henry Jones, Chair of CalPERS Investment Committee. “We have maintained a strong relationship with them over the years and fully support their investment strategy and shared goals of successful and sustainable long-term investment performance.”

Bentall Kennedy has been a real estate partner with CalPERS for more than 15 years through a number of investments.

“CalPERS is pleased to collaborate with bcIMC in a mutually beneficial structure for long horizon pension investors,” said Joe Dear, CalPERS Chief Investment Officer.

Ted Eliopoulos, Senior Investment Officer for CalPERS real estate program said, “This investment supports our long-term strategic goals in real estate and aligns us with a strong investment partner.”

CalPERS has more than $18 billion invested in global real estate – approximately 8 percent of the fund’s $228 billion investment portfolio.


Press Release


What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From PIonline.com: Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Commodities - Stung by oil, distressed-debt traders see worst losses since '08[more]

    From Bloomberg.com: It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done -- and they lost. Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds managed by Knighthead Capital Management, Candlewood

  4. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  5. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega