Key Takeaways
- • New York State Common Retirement Fund ranks first among public pensions with private real estate commitments, with fund allocations totaling roughly $2.9 billion in the list's largest-line-item commitments per Dakota's tally of 2021 deals.
- • Dakota ranks ten large public pension programs by their private real estate commitments in 2021, listing the individual fund-level allocations for each plan.
- • Core and opportunistic strategies dominate the list, with commitments to funds from KKR, Blackstone, Carlyle, Starwood, Apollo and LaSalle appearing across multiple pensions.
- • Several managers, including Carlyle Realty Partners IX and Roxborough Fund III, appear in more than one pension's allocations, indicating repeat institutional demand for specific vehicles.
- • The list is compiled by Dakota, a placement and fundraising firm that says it has raised over $40 billion for partners since 2006.
Summary
Dakota has published a list of the ten largest public pension allocations to private real estate made so far in 2021, aimed at investment salespeople tracking where public pension capital is going. According to the article, the list is intended as a starting point for understanding allocation patterns within the private real estate space. Dakota notes that it has been fundraising since 2006 and has raised more than $40 billion for its partners.
The New York State Common Retirement Fund, listed with total assets of $247.7 billion, leads the ranking. Its disclosed 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. Smaller commitments in the list range from $10 million to $15 million.
Other large allocators on the list include the Texas County & District Retirement System, with $38.1 billion in total assets, which committed to funds including FPA Core Plus Fund V, Carlyle Realty Partners IX and FCP Realty Partners IX at $125 million each. The Teacher Retirement System of Texas, with $180.5 billion in assets, is listed with commitments including $200 million to Starwood Distressed Opportunity XII and $100 million each to Apollo Alamo RA, CBRE Strategic Partners IX Tiger and BREP Texas Trinity Fund. The Florida State Board of Administration ($250.5 billion in assets) is listed with commitments including $200 million each to Heitman Global II and Blackrock US CRE Debt Fund.
Further down the list, the Los Angeles City Employees' Retirement System ($22.5 billion), Montana Board of Investments ($14.5 billion), Connecticut Retirement Plans and Trust Funds ($45 billion), Texas Municipal Retirement System ($34.5 billion) and State Universities Retirement System of Illinois ($19.6 billion) are also included, with Carlyle Realty Partners IX and Basis Investment Group Real Estate Fund II appearing across several plans. The article presents these figures as Dakota's compilation and does not independently verify the commitment amounts.
The New York State Common Retirement Fund, listed with total assets of $247.7 billion, leads the ranking. Its disclosed 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. Smaller commitments in the list range from $10 million to $15 million.
Other large allocators on the list include the Texas County & District Retirement System, with $38.1 billion in total assets, which committed to funds including FPA Core Plus Fund V, Carlyle Realty Partners IX and FCP Realty Partners IX at $125 million each. The Teacher Retirement System of Texas, with $180.5 billion in assets, is listed with commitments including $200 million to Starwood Distressed Opportunity XII and $100 million each to Apollo Alamo RA, CBRE Strategic Partners IX Tiger and BREP Texas Trinity Fund. The Florida State Board of Administration ($250.5 billion in assets) is listed with commitments including $200 million each to Heitman Global II and Blackrock US CRE Debt Fund.
Further down the list, the Los Angeles City Employees' Retirement System ($22.5 billion), Montana Board of Investments ($14.5 billion), Connecticut Retirement Plans and Trust Funds ($45 billion), Texas Municipal Retirement System ($34.5 billion) and State Universities Retirement System of Illinois ($19.6 billion) are also included, with Carlyle Realty Partners IX and Basis Investment Group Real Estate Fund II appearing across several plans. The article presents these figures as Dakota's compilation and does not independently verify the commitment amounts.
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