Thu, Mar 5, 2015
A A A
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.

CalPERS

Press Release

BM

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. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  2. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  3. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  4. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  5. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his