Large Platform Events | Issue 23.27

 

Summary of Transaction Headlines

Bisnow | “Bain Capital Targeting $3.75 Billion for New Real Estate Fund, 25% More than Prior Fund”

Bain Capital is raising money for a third real estate fund with a $3.75 Billion target, a goal that would surpass its prior fund by 25% even as fundraising activity is down across the market. The fund was registered last year, according to a Securities and Exchange Commission filing, and new details about its financial targets were revealed in a presentation last week to the New Mexico State Investment Council. At the meeting, the state’s main investment vehicle voted to approve a $150 Million investment in Bain’s third fund, according to an agenda summary first reported by IPE Real Assets. According to the documents, Boston-based Bain Capital intends to invest the fund in similar asset classes as its previous two funds, including life sciences, medical office, senior housing, last-mile industrial, self-storage, affordable housing specifically horizontal housing and single-family rental  and media/content creation space. Bain plans to invest 75% of the fund into North American assets and 25% into other regions, according to the presentation.

The Asset | “Gaw Capital Closes $3 Billion Real Estate Fund”

Real Estate private equity firm Gaw Capital Partners completed the final close of its seventh Asia-Pacific Real Estate Fund, Gateway Real Estate Fund VII, bringing the total equity raised for it to $3 Billion. Following a similar opportunistic investment strategy to its previous Gateway funds, Fund VII focuses on real estate opportunities, including office, retail, hospitality, industrial, internal development charge and life science properties as well as private credit and thematic platforms across the Asia-Pacific region, including Greater China, Japan, South Korea, Southeast Asia and India. Investors in the fund include sovereign wealth funds, endowments, pension funds and other top-tier institutional investors who have invested in the previous Asia-Pacific Gateway funds, as well as new investors.

Reuters | “Asset Management Firm Oaktree Names Co-CEOs to Replace Wintrob”

Asset Manager Oaktree Capital Management L.P. named insiders Robert O’Leary and Armen Panossian as Co-CEOs to replace Jay Wintrob, who is resigning in the first quarter of 2024. O’Leary currently serves as the firm’s Portfolio Manager for global opportunities strategy, while Panossian is the Head of Performing Credit. As part of the leadership transition, Todd Molz, Oaktree’s General Counsel and Chief Administrative Officer, will be named Chief Operating Officer. He will oversee the day-to-day management of the firm with all non-investment functions reporting to him, Oaktree said.

Property Week | “Lendlease Appoints Ruckstuhl as European Boss”

Australia-based property and construction giant Lendlease has appointed Andrea Ruckstuhl as European Chief Executive following the retirement of Neil Martin. Ruckstuhl will take up the role immediately and will help steer the group as it pivots to become an investment-led real estate business. He joined the company in 2005 and has more than 25 years of real estate experience. During his time with the company, he helped establish the group’s business in Italy. “Andrea’s new position as CEO Europe will leverage his knowledge, expertise and stakeholder management skills across our Europe business.

Property Week | “Node Appoints New COO and Global Head of Operations as it Bolsters Pipeline”

Global alternative residential asset manager Node has appointed Ian Gibbs as Chief Operating Officer and Global Head of Operations. In this role, Gibbs will be responsible for scaling Node’s Pan-European and North American operating platform as it seeks to execute operationally on its pipeline of over 7,000 beds. Of this figure, 4,000 beds are set to be operational by 2025. This includes next-generation, purpose-built flexible living and co-living buildings in London, Dublin, Madrid and Barcelona. During his career, Gibbs has gained 25 years of experience in Real Estate Operations and Customer Service Industries.