Key Takeaways
- • Dakota ranks the ten largest public pension commitments to private real estate in 2021, based on fund-level allocations reported so far this year.
- • The New York State Common Retirement Fund leads the list with the largest listed allocations, including $300M commitments each to LaSalle US Property Fund, KKR Real Estate Partners Americas III, Black Creek Industrial Fund and Blackstone BioMed Life Science Real Estate Partners.
- • Texas County & District Retirement System, Teacher Retirement System of Texas and Florida State Board of Administration rank next, with Florida's list led by Heitman Global II and Blackrock US CRE Debt Fund at $200M each.
- • Several managers recur across pension programs, including Carlyle Realty Partners IX, Carlyle Property Investors, Roxborough Fund III and Platform Ventures RE Strategies V, indicating concentrated demand for certain sponsors.
- • The list reflects Dakota's tracking of public pension activity and is intended as a reference for placement agents and capital raisers.
Summary
Dakota has published a list of the ten largest public pension allocations to private real estate made so far in 2021, according to the firm's article dated August 20, 2021. Dakota, which says it has raised more than $40 billion for its partners since 2006, frames the list as a tool for investment salespeople tracking where public pension capital is being deployed.
The New York State Common Retirement Fund, with total assets listed at $247.7 billion, tops the ranking. Its disclosed private real estate commitments include $300 million each to LaSalle US Property Fund, KKR Real Estate Partners Americas III, Black Creek Industrial Fund and Blackstone BioMed Life Science Real Estate Partners, along with $200 million each to Oaktree Real Estate Opportunities VIII and Exeter Europe Logistics Value Fund IV, and $150 million to Kayne Anderson Real Estate Partners VI.
The Texas County & District Retirement System (total assets listed at $38.1 billion) and the Teacher Retirement System of Texas ($180.5 billion) follow. The Texas County & District program's largest commitments include $125 million each to FPA Core Plus Fund V, Carlyle Realty Partners IX and FCP Realty Partners IX. The Teacher Retirement System of Texas's largest listed commitments include $200 million to Starwood Distressed Opportunity XII and about $108.7 million to Camden Multifamily Core Fund. The Florida State Board of Administration ($250.5 billion) is ranked fourth, with $200 million each to Heitman Global II and Blackrock US CRE Debt Fund.
Other large allocators on the list include the Connecticut Retirement Plans and Trust Funds ($45 billion), led by $180 million to Carlyle Realty Partners IX, and the State Universities Retirement System of Illinois ($19.6 billion), which lists $100 million each to Carlyle Property Investors and Platform Ventures RE Strategies V. Repeated appearances of managers such as Carlyle, Roxborough, and Platform Ventures across multiple pension programs are notable for allocators tracking sponsor concentration.
Dakota's list reports fund-level commitments as disclosed and does not indicate whether all listed amounts were fully funded or finalized.
The New York State Common Retirement Fund, with total assets listed at $247.7 billion, tops the ranking. Its disclosed private real estate commitments include $300 million each to LaSalle US Property Fund, KKR Real Estate Partners Americas III, Black Creek Industrial Fund and Blackstone BioMed Life Science Real Estate Partners, along with $200 million each to Oaktree Real Estate Opportunities VIII and Exeter Europe Logistics Value Fund IV, and $150 million to Kayne Anderson Real Estate Partners VI.
The Texas County & District Retirement System (total assets listed at $38.1 billion) and the Teacher Retirement System of Texas ($180.5 billion) follow. The Texas County & District program's largest commitments include $125 million each to FPA Core Plus Fund V, Carlyle Realty Partners IX and FCP Realty Partners IX. The Teacher Retirement System of Texas's largest listed commitments include $200 million to Starwood Distressed Opportunity XII and about $108.7 million to Camden Multifamily Core Fund. The Florida State Board of Administration ($250.5 billion) is ranked fourth, with $200 million each to Heitman Global II and Blackrock US CRE Debt Fund.
Other large allocators on the list include the Connecticut Retirement Plans and Trust Funds ($45 billion), led by $180 million to Carlyle Realty Partners IX, and the State Universities Retirement System of Illinois ($19.6 billion), which lists $100 million each to Carlyle Property Investors and Platform Ventures RE Strategies V. Repeated appearances of managers such as Carlyle, Roxborough, and Platform Ventures across multiple pension programs are notable for allocators tracking sponsor concentration.
Dakota's list reports fund-level commitments as disclosed and does not indicate whether all listed amounts were fully funded or finalized.
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