Pension fund WSIB commits capital to new HK real estate investment manager

Residential and commercial buildings are seen from Victoria Peak in Hong Kong, China, on Monday, Sept. 11, 2017. Photographer: Billy H.C. Kwok/Bloomberg Photo by Bloomberg

US pension fund Washington State Investment Board (WSIB) has proposed the creation of a Hong Kong-based real estate investment manager that would initially focus on real estate markets in Asia, according to the board meeting agenda of its private markets committee.

According to the proposal, the $132.3-billion WSIB will commit $250 million to Crane Capital, the new Hong Kong-based real estate investment manager. Additionally, the pension fund will transfer $400 million of assets from Evergreen Investment Advisors to the new entity, per an IPE Real Assets report.

In December 2018, WSIB approved a follow-on investment of $500 million in Evergreen Real Estate Partners, a global real estate portfolio managed by Evergreen Investment Advisors. It previously committed a total of $5.2 billion to Evergreen. Evergreen Investment Advisors was formed by WSIB and M3 Capital Partners.

If the proposal is approved by the board, WSIB will take $400 million from Evergreen Real Estate Partners and move it to Crane Capital. The board will vote on the proposal on 21 February.

DEALSTREETASIA has reached out to WSIB for further details about Crane Capital.

WSIB, which invests across 34 funds, has total assets under management of $132.3 billion as of September 30, 2018. Of this, about $17.2 billion is invested in real estate. However, the pension fund’s real estate exposure in Asia is limited, making up only 4.2 per cent of the total, according to its latest quarterly investment reports.

In December 2018, WSIB approved a $200-million investment in Beijing-based Centurium Capital’s maiden fund – Centurium Capital Partners 2018 LP, a mid-cap growth equity and buyout fund investing in the consumer and healthcare sectors in China.

Also Read:

Washington State Investment Board to invest $200m in Centurium’s debut fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.