London Borough of Camden Pension Fund hired real estate managers CB Richard Ellis Investors and Partners Group to run a combined £75 million ($119 million), according to the £809 million fund’s website.
CBRE will manage £45 million in U.K. real estate, while Partners Group will handle £30 million in overseas real estate.
Funding came from cash and by reducing the fund’s equity portfolio by £30 million in part to “consolidate gains made in the equity markets,” according to the fund’s website. It could not be learned which managers had their mandates reduced, but when the search began in November, Ken Bumpus, pensions officer for investments, said Legal & General Investment Management’s passive U.K. equity portfolio would provide funding.
The fund’s most recent asset allocation was 77% equity, 14% bonds, 5% real estate and the rest cash.
Mr. Bumpus could not be reached for further information.