Real estate
BlackRock dropped from NPS’ property investment manager pool
By Apr 02, 2020 (Gmt+09:00)
1
Min read
Most Read
Korea’s Incheon Airport Corp. signs $3 billion deal to run Manila airport
Samsung Elec vies for Johnson Controls' HVAC units
S.Korea's LS Materials set to boost earnings ahead of IPO process
Samsung to supply $752 million in Mach-1 AI chips to Naver, replace Nvidia
Solo Leveling: Arise, Netmarble's webtoon-based game to spur turnaround
BlackRock, the world’s largest asset manager, has been excluded from the National Pension Service’s 49-strong group of global real estate investment managers, whereas StepStone Real Estate and Stockbridge joined the pool as new managers, NPS data shows.
“BlackRock was naturally dropped from the list after its fund in which the NPS had invested was liquidated at maturity. There is no particular reason,” an NPS source told the Korean investors.
The 730 trillion-won ($594 billion) pension scheme entrusted cross-border real estate investments to 49 firms as of the end of 2019, compared with 48 a year before.
Among the fund houses were Blackstone, Carlyle and TPG, as well as specialist real estate investment firms such as CBRE Global Investors, LaSalle Investment Management, Germany’s Patrizia and Hong Kong-based Pacific Alliance Group and Gaw Capital.
For infrastructure portfolios, there was no change to the 34-strong manager pool for the world's No. 3 pension fund, in which BlackRock was counted.
Other infrastructure investment managers included Blackstone, Brookfield and Carlyle, as well as Europe-based Ardian and Australia’s Macquarie.
NPS’ chief investment officer Hyo-joon Ahn visited major investment managers in the US in mid-February and discussed strategic cooperation and co-investments, just before the coronavirus spread around the world.
NPS aims to allocate 15% of its investment assets to alternatives by 2024, or 150 trillion won in value, from the current 13%.
Write to Hyun-il Lee at hiuneal@hankyung.com
“BlackRock was naturally dropped from the list after its fund in which the NPS had invested was liquidated at maturity. There is no particular reason,” an NPS source told the Korean investors.
The 730 trillion-won ($594 billion) pension scheme entrusted cross-border real estate investments to 49 firms as of the end of 2019, compared with 48 a year before.
Among the fund houses were Blackstone, Carlyle and TPG, as well as specialist real estate investment firms such as CBRE Global Investors, LaSalle Investment Management, Germany’s Patrizia and Hong Kong-based Pacific Alliance Group and Gaw Capital.
For infrastructure portfolios, there was no change to the 34-strong manager pool for the world's No. 3 pension fund, in which BlackRock was counted.
Other infrastructure investment managers included Blackstone, Brookfield and Carlyle, as well as Europe-based Ardian and Australia’s Macquarie.
NPS’ chief investment officer Hyo-joon Ahn visited major investment managers in the US in mid-February and discussed strategic cooperation and co-investments, just before the coronavirus spread around the world.
NPS aims to allocate 15% of its investment assets to alternatives by 2024, or 150 trillion won in value, from the current 13%.
Write to Hyun-il Lee at hiuneal@hankyung.com
Yeonhee Kim edited this article
More to Read
-
Corporate governanceJB investors urged to oppose Align's call for board overhaul
Mar 25, 2024 (Gmt+09:00)
-
Real estateKorean real estate firms put up for sale amid lasting market downturn
Mar 12, 2024 (Gmt+09:00)
Comment 0
LOG IN