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POBA earmarks $120m for JPMorgan’s U.S. housing development fund
Investors - APRIL 8, 2020

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POBA earmarks $120m for JPMorgan’s U.S. housing development fund

by Kali Persall

The $11 billion Public Officials Benefit Association (POBA), a public pension fund in South Korea, is planning a capital injection of $120 million in a $600 million U.S. single-family housing development fund managed by JPMorgan Asset Management.

According to The Korea Economic Daily, a number of U.S. institutional investors have signed on to make joint investment in single-family rental homes across the country through the fund.

The fund has a build-to-core strategy and will look to maintain a 50 percent loan-to-value ratio after housing development is completed.

The latest investment builds on a previous relationship with JPMorgan Asset Management. In 2018, POBA invested $164 million in a JPMorgan fund.

 

 

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