NOVEMBER 12, 2012

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Alaska Permanent approves follow-on $200 million to residential real estate

by Andrea Waitrovich

The $42.3 billion Alaska Permanent Fund Corp. has made an additional commitment of $200 million to California-based company American Homes 4 Rent. The company specializes in buying foreclosed homes and renting them out. It owns approximately 1,000 single-family homes. The fund won’t own or purchase the homes directly.

The sovereign wealth fund previously committed $400 million to the portfolio in May 2012. 

The commitment is part of Alaska Permanent’s special opportunities portfolio, which has an 18 percent target allocation.

The interest in renting single-family homes continues to gain momentum. Reuters describes the movement as the “Wall Street gold rush.” Recently, Santa Monica, Calif.–based Colony Capital won an auction of 970 Fannie Mae foreclosed homes in Arizon

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