NPS, KIC commit $600 mn to N.America logistics fund

The National Pension Service (NPS) and the Korea Investment Corporation (KIC) have committed $600 million in aggregate to GLP Capital Partners' North America-focused logistics fund that is targeting $2 billion at its final close. 

Each of the NPS and the KIC will ante up $300 million for the blind pool fund, GLP Capital Partners IV, which targets logistics facilities and relevant technology companies in North America, according to investment banking sources on May 28. 

Including debt financing, the latest fund is expected to execute over $5 billion worth of investment deals.

Since its inception in 2019, the US-based GLP Capital Partners has focused on logistics real estate investments, carrying out over $50 billion of logistics real estate transactions globally.

In the US, the firm's logistics real estate investments stand at $6 billion.

Logistics real estate remained top on the list of South Korean pension funds' target assets. During a panel discussion of the ASK Conference 2021 hosted by The Korea Economic Daily on May 12, senior investment managers of the Government Employees Pension Service, the Public Officials Benefit Association and the Military Mutual Aid Association all picked logistics and data centers and residential properties as their preferred asset classes.

Earlier this month, the NPS has committed $300 million to KKR's new flagship fund, KKR North America Fund XIII, along with Korea Post that put $100 million into the blind pool fund.

Write to Jung-hwan Hwang at jung@hankyung.com
Yeonhee Kim edited this article.