BOSTON — Rockpoint Group closed the Rockpoint Real Estate Fund II at $1.7 billion. The fund targets all types of U.S. real estate investments and distressed investments in Japan and Europe. Investors include the $26.8 billion Pennsylvania State Employees' Retirement System, Harrisburg, and the Oregon Investment Council, which oversees the $48 billion Oregon Public Employees Retirement System, Salem.
ALTERNATIVES: Rockpoint Group shutters 2nd fund at $1.7 billion
WESTPORT, Conn. — Russel S. Bernard has started a new real estate investment firm, Westport Capital Partners, to be based in Westport, Conn. Mr. Bernard recently left Oaktree Capital Management, where he was portfolio manager. Mr. Bernard declined further comment.
John Frank, principal and general counsel at Oaktree, did not return calls by press time about a replacement.
NEW YORK — The NAREIT Composite index returned 4.3% in November, up from -2.73% in October, according to data released Dec. 1 by the National Association of Real Estate Investment Trusts, which sponsors the index. The index has gained 8.53% for the 11 months through Nov. 30.
MODESTO, Calif. — Stanislaus County Employees Retirement Association staff will produce a plan for investing in alternatives. The $1.2 billion fund has no alternative investments but officials have been studying asset classes this year.
In particular, the board has agreed to buy a condominium interest in a county office building for $2.5 million, its first real estate investment. That space will house the pension fund staff and board.
COLUMBUS, Ohio — Ohio State University will seek venture capital, buyout and private equity managers for its $1.8 billion endowment, said James Nichols, the school's treasurer.
The fund is seeking to fill its 20% allocation to alternatives, which was recently increased from 13%. There is no timeframe for filling the allocation, Mr. Nichols said; fund officials increased the allocation to keep up with other endowments of roughly equal size, he added.
The fund does not use a consultant.
SAN FRANCISCO — The San Francisco City & County Employees Retirement System approved a plan to increase its target alternative investments allocation to 12% of total assets, from 11%, said Clare Murphy, executive director of the $13.3 billion plan.
That means increasing the annual commitment pace to $300 million per year in 2006 from the current $225 million, according to a memo from consultant Portfolio Advisors.