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Investors - FEBRUARY 27, 2018

Indiana PRS commits $50m to LimeTree Capital

by Jody Barhanovich

The $28.3 billion Indiana Public Retirement System made a $50 million commitment as part of its real estate asset class portfolio, according to board meeting documents.

The $50 million investment was made to LimeTree Capital, a private equity real estate manager with a focus on under-researched, under-valued asset classes. It currently focuses on two under-researched asset classes, one being car parking ownership, development and management in China, and the other, Asian emerging beachfront land investments.

The vehicle focuses on automation and revenue enhancement of parking garages within tier-1 cities in mainland China, according to the board meeting documents. LimeTree’s strategy is to acquire, develop and operate the car parks in China.

According to the firm, China has five times fewer parking bays per car than the western world and car ownership is growing at more than 1.1 million new car sales per month. The firm believes parking rates will rise significantly in China over the next few years.

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