Phoenix commits $60m to noncore real estate
The $2.2 billion City of Phoenix Employees’ Retirement System has committed $30 million each to two noncore real estate funds, Northwood Real Estate Partners Series V, managed by Northwood Investors, and Real Estate Capital Asia Partners IV, managed by SC Capital Partners.
“As it does with most due diligence projects, it comes down to people, process and product,” says Greg Fitchet, chief investment officer with the retirement system, explaining what set these funds apart as investment options. “These managers score very well in those areas and consistently so.”
The retirement system is also invested in SC Capital’s RECAP II and RECAP III as well as Northwood Series IV.
Northwood Series V is an opportunistic fund that invests across property types and capital structures, focusing on major metropolitan areas of the United States and super-regional markets in Europe. The fund also generates value by internally managin