PGGM hired Singapore-based Alpha Investment Partners to manage a S$360 million ($267 million) separate account mandate focused on commercial real estate investments in Japan, China and Singapore, according to an announcement on the Zeist, Netherlands-based pension manager's website.
The allocation includes a "top-up option of up to S$320 million, which would bring the aggregate commitment to S$680 million," according to an April 1 joint news release.
"PGGM has been a long-standing investor in various funds managed by Alpha," the private markets arm of Singapore-based Keppel Capital Holdings, an Alpha Investment spokeswoman said in an email.
"This separate account mandate will cover opportunities not captured by other mandates managed by Alpha," with a focus on core-plus opportunities in key cities in Japan and China, as well as in Singapore, the spokeswoman said.
Keppel Capital had roughly S$37 billion of assets under management invested in real estate, infrastructure, data centers and alternative assets in key global markets as of the end of 2020.
PGGM runs the assets of the Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, which has €238 billion ($279.8 billion) in assets.