Japan’s GPIF has committed $1b to two real estate funds in 2023
The Government Pension Investment Fund (GPIF), a state-owned pension fund from Japan, has made $500 million commitments to both Brookfield Strategic Real Estate Partners (BSREP) V and Blackstone Real Estate Partners (BREP) X, multiple news sources reported.
Managed by Brookfield Asset Management, BSREP V is seeking to raise $15 billion and will opportunistically invest in diversified sectors globally.
Its predecessor, BSREP IV closed in 2022 with $17 billion in investments, the largest real estate fund to close that year.
“The vast pools of commercial real estate loans that are maturing over the next 12 months to 24 months will face a thinner pool of capital available for refinancing,” said Connor Teskey, president, Brookfield Asset Management, during the company’s third quarter earnings call earlier this week.
“Real estate investors who lack deep relationships with large institutional investors will be looking for solutions. Combined with the bro