Bayerische Versorgungskammer, Munich, hired StepStone Real Estate to manage its allocation to secondaries, a spokesman confirmed.
The €100 billion ($115.6 billion) German pension fund did not disclose the exact size of its investment. However, the spokesman confirmed that under the partnership both organizations will jointly provide €300 million in secondary liquidity to investors and managers of private real estate vehicles.
The partnership will target secondaries in opportunistic, value-added and core-plus funds predominantly in the U.S. and Asia-Pacific.
BVK has a strategic allocation to direct real estate at 4.5% and to real estate funds, including real estate investment trusts, at 24.3%.
The fund currently commits to funds in Germany, the rest of Europe, North America, Asia, South America and Australia. About 45% of its real estate investments are in Germany. Some 33% of the fund's investments is invested in office real estate, followed by 28% in residential real estate.
