Research

What 10 years at CalPERS and New Jersey taught me about building private markets for everyone else

by Niraj Agarwal, CFA

For a decade, my job was to lead large-scale private markets programs for two of the country’s largest public pensions — first at the California Public Employees’ Retirement System (CalPERS), then for the State of New Jersey. Before that, I sat on the sell side, leading transactions that institutions like these eventually bought. I learned and did a lot during that time, with one key learning as 2025 came around: Institutions such as pensions, endowments and sovereign funds have driven private markets for almost as long as private markets have been around, and the playbook we built was never really designed with anyone else in mind.

Research

Speed Bay Warehouse Solutions’ Michael Moriarty discusses institutional interest in shallow-bay industrial

by Andrea Zander

Shallow-bay industrial real estate is attracting greater institutional interest as investors look for durable income, constrained supply and exposure to a diverse base of small and medium-sized businesses. In an exclusive interview with IREI, Michael Moriarty, head of acquisitions at Speed Bay Warehouse Solutions, discussed the growing institutional interest and the factors supporting the sector’s investment case. He also discussed how increased institutional and private equity interest is changing the sector, as well as how competition for infill land and data center development could further constrain supply and support rent growth over the long term.

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