Large Platform Events | Issue 23.18

 

Summary of Transaction Headlines

PR Newswire | “Rasmala Launches $2 Billion Residential Real Estate Strategy in the United Kingdom”

Rasmala Investment Bank Limited, a leading alternative investment manager in the Middle East, has announced the launch of a five-year UK multifamily strategy to create a portfolio of residential properties in the United Kingdom exceeding $2 Billion in investment value. The strategy targets the UK multifamily market through a Shariah-compliant investment vehicle, with an initial focus on the serviced apartment and build-to-rent (BTR) subsectors in and around London. It has been seeded by the Rasmala Group and has an active investment pipeline over the next 12-18 months.

The Registry | “Texas Pension Fund Plans to Allocate $1.5 Billion to Bridge Industrial to Expand its Industrial Holdings”

Teacher Retirement System of Texas (TRS) is considering investing $1.5 Billion in the warehouse business. The move is part of the pension fund’s strategy to diversify its portfolio across the commercial real estate market, which has been hit by higher interest rates, according to a recent report by Bloomberg. The investment would go to Bridge Industrial, a closely held real estate firm that specializes in warehouses and industrial-type commercial real estate properties. TRS board approved the proposal last Thursday, but the pension fund declined to comment on the details of the potential commitment.

IREI | “Oaktree Closes Private Debt Fund at €1.2 Billion ($1.3 Billion USD)”

Oaktree Capital Management has closed its European Capital Solutions Fund III (ECS III) at €1.2 Billion ($1.3 Billion USD), according to reports. The private debt fund provides debt financing to non-sponsor, middle-market borrowers across Europe. IREI understands Oaktree will focus on senior and holdco financings and will be diversified across Western European countries and sectors, including real estate, corporates and other hard asset-backed loans. “This fund aims to deliver attractive returns while investing in a risk-controlled manner that ensures capital preservation by providing financing to high-quality, non-sponsor borrowers who may not be able to efficiently access banks or public capital markets due to reasons such as reduced bank appetite or a requirement for bespoke and timely structures,” said Armen Panossian, head of performing Credit at Oaktree.

Pensions & Investments | “PGIM to Acquire Majority Stake in Deerpath Capital”

PGIM will acquire a majority interest in U.S. private credit and direct lending manager Deerpath Capital Management, in a deal that PGIM said will strengthen its $237 Billion global alternatives capabilities.Deerpath Capital focuses primarily on financing private equity sponsor-backed companies in the lower-middle market and has more than $5 Billion in assets under management. The firm has deployed over   $8.8 Billion of invested capital in more than 850 investments across a range of industries and transaction types. The firm has origination offices in New York, Boston, Chicago, Fort Lauderdale and Los Angeles, as well as offices in London, Seoul and Australia to support international investors.

Pensions & Investments | “King Street Capital Names Managing Director for Marketing, Investor Relations Team”

Will McGirr has joined alternative investment firm King Street Capital Management as a Managing Director at its marketing and Investor Relations team. In this role, Mr. McGirr will report to Vincent Dubois-Pelerin, Partner and Global Head of Marketing and Investor Relations, and support the firm in “enhancing client relationships” across the U.S. and Canada, said a Tuesday release.

IREI | “PATRIZIA Accelerates its Global Growth Ambitions with Appointment of Asoka Wöhrmann as CEO Designate and Slava Shafir as COO”

Asoka Wöhrmann to become new CEO Designate effective 1 May 2023 responsible for the development of PATRIZIA’s Global real assets platform, the execution of the Company’s strategy and the expansion of PATRIZIA’s global footprint. Founder and CEO Wolfgang Egger will support the CEO Designate for a short transition period and afterwards focus on existing and future strategic client relationships and the strategic development of the Company also as a member of the Board of Directors. Slava Shafir appointed as Chief Operating Officer (COO) effective 1 June 2023 to drive development of business operations, IT and Fund Services, and ensure efficient operations of PATRIZIA’s international product portfolio.

AccessWire | “NexCore Group Names Michael Ray Chief Investment Officer”

Denver-based NexCore Group, a national healthcare, science and technology, and seniors housing developer, announced that Michael Ray joined the firm as Chief Investment Officer. Michael Ray is a senior real estate investment executive with over 20 years of experience developing investment strategies for companies of all stages and sizes. With a strong focus on joint ventures and capital formation, Michael has extensive expertise in managing high-value assets and positioning companies for optimal growth. “I am especially excited to join the NexCore Group team because of the company’s creative and collaborative environment,” shared Ray. ” I look forward to being a member of a dynamic team driving strategic growth and investment that impacts everyone involved.”