US - The California Public Employees' Retirement System (CalPERS) has made a US$500m investment commitment to the new real estate ARA Asia Dragon Fund.
The ARA Asia Dragon Fund will focus its investments on residential development projects in major cities, in addition to commercial development projects and in underperforming assets in good locations.
Furthermore, the portfolio will limit its investments in any one country to no more than 50% of its total commitments, with no more than 25% of its investments being in China.
In addition to the $500m commitment, CalPERS has also allocated a further $500m for potential co-investment opportunities with the ARA Asia Dragon Fund which will invest in private real estate.
Rob Feckner, CalPERS board president, said the ARA Asia Dragon Fund would enable CalPERS to play a larger role in Asia, which has one of the fastest growing economies in the world.
Feckner said: “Its primary focus will be on office, retail and residential properties in the key markets of Singapore, Hong Kong, Malaysia and China where the underlying strengths of the real estate markets are strong and growing.”
ARA has $4.7bn under management and publicly-traded real estate investment trusts (REITs) in Hong King, Singapore and Malaysia.
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