Thu, Jul 31, 2014
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. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass