Zoe Hughes
Christopher Keber has been confirmed as director of global capital raising for the Greenwich, Connecticut-based firm. PERE first revealed Keber’s appointment in April.
LPs are expected to invest $8 billion of new capital to value-added and opportunistic funds in 2010. REITs believe some of that money should go to them. PERE magazine June 2010
The US’ third largest public pension generated overall returns of 25.9% in its most recent fiscal year – thanks in part to its private equity valuations being back in the black.
Private equity and private equity real estate firms should be encouraged to mount bank recapitalisation JVs, mirroring FDIC-initiated structured sales of failed financial institutions.
As the parent company of CWCapital searches for a buyer, Apollo Global and Centerbridge Capital have reportedly made competing bids, while Warren Buffett is also eyeing the US’ second largest special servicer.
A study of US CMBS deals reveals that more than 3,500 loans currently have debt service coverage ratios of 1.0x or less. That figure could quickly grow to $75bn as less than half the CMBS universe has reported 2009 financials.
The $8.2bn Los Angeles City Employees’ Retirement System will invest 90% of its portfolio in closed-ended commingled funds, primarily with core and value-added managers.
Property markets in the US have not corrected, despite the high prices gained in some recent landmark deals. However, fund managers are in danger of investing capital ‘out of sheer boredom of not doing deals’.
Benjamin Young, the former chief investment officer of RREEF’s opportunity funds, has joined Strategic Value Partners as global head of real estate. SVP has also hired Georg Strassner, formerly with Morgan Stanley subsidiary Argoneo.
The $138bn pension has joined its neighbour CalPERS in supporting legislation that would prevent the two funds from investing with real estate managers who try to convert rent-controlled apartments. CalSTRS staff will also consider possible penalties for GPs who abuse the ban.