Friday, May 26, 2017

A great list of institutional real estate investors / Our week in London / IMN Real Estate Forum - Newport, RI / Marc Zuckerberg’s Harvard Commencement Speech May 25 2017

A great list of institutional real estate investors
IPE Real Estate just published their list of the Top 100 global investors.  It’s a great list, for everyone in the institutional real estate world – especially those ‘emerging managers’ who are looking to raise real estate capital. (Can anyone give me the ‘definitive’ definition of ‘emerging manager’?)
Now, when a list like this gets published (shown below), those that have the money may go ‘Ugh’ here we go again as they anticipate receiving hundreds of emails and phone calls from firms wanting some of money.  However, there are different ways of approaching potential LP’s to see if they’re interested in what you have to offer.  Stay tuned to this column for some tips.
The top 100 global investors are ranked by size of real estate assets under management at the end of 2016

Investor
Country
RE AUM ($’000s)
Total assets ($’000s)
1
Abu Dhabi Investment Authority (ADIA)
UAE
59,400,000
792,000,000
2
Allianz
Germany
54,000,000
709,000,000
3
APG
Neths
43,800,000
470,500,000
4
Canada Pension Plan Investment Board
Canada
35,308,300
267,487,000
5
Caisse de dépôt et placement du Québec
Canada
32,146,500
200,971,000
6
California Public Employees Ret. Systems
US
30,100,000
314,779,000
7
California State Teachers Ret. System
US
29,458,802
211,933,828
8
Norway Government Pension Fund Global
Norway
28,780,000
899,375,000
9
PGGM
Neths
22,000,000
200,000,000
10
National Pension Service
S Korea
21,914,000
488,852,000
11
Public Sector Pension Investment Board
Canada
19,749,000
131,660,000
12
Ontario Teachers’ Pension Plan
Canada
19,592,000
153,374,000
13
OMERS
Canada
19,001,300
79,825,700
14
Florida State Board of Administration
US
17,996,768
179,967,681
15
The Crown Estate
UK
17,970,000
18,980,000
16
Washington State Investment Board
US
16,350,000
109,000,000
17
Bayerische Versorgungskammer
Germany
15,803,400
84,284,800
18
Temasek
Singapore
14,802,600
87,074,100
19
Cathay Life Insurance Company
Taiwan
14,695,700
157,300,000
20
bcIMC
Canada
14,235,400
97,750,000
21
Canton de Vaud
Switz
14,024,500
88,762,900
22
Office of the New York State Comptroller
US
13,436,000
196,856,000
23
Alberta Investment Management Corp.
Canada
12,650,000
90,200,000
24
National Grid UK Pension Scheme
UK
12,458,000
22,246,400
25
Healthcare of Ontario Pension Plan
Canada
12,000,000
75,000,000
26
MEAG Munich ERGO
Germany
11,125,600
278,140,000
27
Zurich Insurance Group
Switz
10,562,000
382,679,000
28
Ohio State Teachers Retirement System
US
10,384,350
74,392,016
29
Employees Provident Fund
Malaysia
9,000,000
180,000,000
30
Oregon PERS
US
8,900,000
72,000,000
31
New York State Teachers Ret. System
US
8,379,100
109,515,376
32
Ohio Public Employees Ret. System
US
8,234,603
82,846,551
33
BT Pension Scheme
UK
8,228,310
66,351,800
34
AMF
Sweden
8,158,160
48,623,100
35
GIC
Singapore
7,864,760
112,354,000
36
Mass PRIM
US
7,759,075
64,855,719
37
Alecta Pensionsförsäkring
Sweden
7,595,060
89,353,600
38
North Carolina Dep.of State Treasurer
US
7,008,000
87,600,000
39
Illinois Teachers Ret. System
US
6,943,206
54,090,771
40
Alaska Permanent Fund Corporation
US
6,875,700
57,823,800
41
Hong Kong Monetary Authority
Hong Kong
6,554,260
455,612,000
42
BPF Bouw
Neths
6,488,460
53,680,900
43
Wisconsin Investment Board
US
6,150,077
87,858,243
44
Los Angeles County Employees Ret. Assoc. 
US
6,062,780
50,895,682
45
Samsung Life Insurance
S. Korea
5,829,980
225,088,000
46
UniSuper
Australia
5,798,832
55,758,000
47
AP3
Sweden
5,719,850
35,683,100
48
Royal Dutch Shell
Neths
5,689,320
81,276,000
49
AustralianSuper
Australia
5,601,550
76,912,300
50
Pennsylvania PSERS
US
5,600,000
50,000,000
51
Kanton Zürich
Switz
5,353,680
28,629,300
52
Pensioenfonds Metaal en Techniek
Neths
5,247,180
69,224,000
53
General Motors
US
4,923,000
74,062,000
54
ATP
Denmark
4,893,000
107,960,000
55
Stanford University
US
4,858,000
46,586,000
56
Yale University
US
4,804,443
36,957,254
57
AMP Superannuation
Australia
4,431,520
49,239,100
58
Ilmarinen
Finland
4,319,600
39,207,200
59
Ontario Pension Board
Canada
4,268,875
23,075,000
60
Sunsuper
Australia
4,136,210
37,209,992
61
Pennsylvania SERS
US
4,015,673
26,771,152
62
Varma Mutual Pension Insurance Co.
Finland
3,960,000
45,900,000
63
AP1
Sweden
3,955,430
35,001,100
64
AP4
Sweden
3,955,430
35,371,700
65
AP2
Sweden
3,926,350
35,694,100
66
Colorado Public Employees Ret. Assoc.
US
3,851,936
44,789,958
67
Maryland State Ret. and Pension System
US
3,819,000
45,921,000
68
Nordea Life & Pensions
Denmark
3,800,000
68,900,000
69
Future Fund
Australia
3,728,771
124,292,373
70
UN Investment Management Division
US
3,500,705
52,642,175
71
Sampension
Denmark
3,413,800
37,931,100
72
Arizona State Ret. System
US
3,378,417
35,422,651
73
Massachusetts Institute of Technology
US
3,342,065
22,294,378
74
Keva
Finland
3,227,360
48,305,600
75
Danica Pension
Denmark
3,213,240
57,369,000
76
State of Tennessee Treasury Department
US
3,163,805
38,007,526
77
Pensioenfonds van de Metalektro
Neths
3,110,950
48,306,600
78
Public Employees’ Ret. System of Mississippi
US
3,102,263
28,202,392
79
Elo
Finland
3,070,430
22,411,900
80
Universities Superannuation Scheme
UK
3,065,650
72,362,200
81
Barclays Bank
UK
3,049,240
42,058,400
82
Missouri PSRS/PEERS
US
3,014,824
40,886,625
83
Church of England
UK
3,011,210
10,383,500
84
PKA
Denmark
3,000,000
34,000,000
85
Elo
Finland
2,980,420
23,081,000
86
Pension Benefit Guaranty Corp.
US
2,963,000
99,546,000
87
Hostplus
Australia
2,930,600
20,165,604
88
Cbus
Australia
2,915,973
34,305,564
89
OPSEU
Canada
2,884,000
23,759,000
90
REST Industry Super
Australia
2,823,690
30,797,300
91
Railways Pension Trustee Company
UK
2,821,690
34,047,900
92
RPMI Railpen
UK
2,821,690
34,047,900
93
BAE Systems
UK
2,694,930
29,770,200
94
Novartis
Switz
2,636,540
12,718,600
95
Ärzteversorgung Westfalen-Lippe
Germany
2,632,000
11,882,000
96
Publica
Switz
2,554,220
36,810,400
97
Employees Retirement System of Texas
US
2,460,731
26,089,576
98
Iowa PERS
US
2,369,773
31,236,332
99
State Oil Fund of Azerbaijan
Azerbaijan
2,282,270
49,614,700
100
 New York City Employees Ret. Systems
US
2,279,549
63,050,438

Our week in London
Any mention of our work in London this past week has to be prefaced with a comment about the bombing after the concert in Manchester.  Horrible and cowardly. 
I was talking with someone in London who said it was sad that the world seems to have become accustomed to a degree about tragedies like this – they happen and unless we know someone who has been directly affected – killed or injured – we feel badly for a time and go on our ways – back to our regular lives. 
I guess this is understandable as we feel the need to move on.  It’s sad that whoever does things like these pick on innocent groups to inflict pain and death to.  It’s one thing when there’s a war and armies are battling and killing each other, which is bad and sad enough, but these actions against the public – and in this case younger people – shows the absolutely lack of consideration for life.   Look at the lunatic that drove down the street in Manhattan last week. Is there anyplace that’s safe anymore? 

Felix/Weiner Consulting Group had lots of success in London this week.  We conducted an internal Behavioral Presentation Coaching Workshop with 8 very senior members of a well-known real estate private equity firm.  We could tell at the beginning of the workshop that several of the participants really didn’t want to be there. (We have seen this phenomenon before!) The great thing is that shortly into the workshop all really got into it and we received terrific feedback at the end.
On Tuesday we ran our 26th Commercial Real Estate Women’s Leadership Workshop and on Wednesday one of our intimate, open-enrollment 6-person max presentation coaching workshops. 
As we approach the end of the ‘school year’, we’re looking forward to offering new workshops - requested by our clients. All of the programs have our similar underlying theme – It’s not just WHAT you say, but HOW you say it that makes the difference!
Over the summer our website-in-progress will be enhanced to include downloadable tips and white papers – geared to professional self-development.  I’ll be keeping you posted as that evolves.
For now, we thank all the firms that have 1) brought us in-house to facilitate professional development workshops to their teams, 2) sent individuals to our ‘open enrollment’ workshops and 3) ‘sponsored’ our events by loaning us conference rooms across the U.S and in London in which to conduct our workshops.  THANK YOU!

IMN Real Estate Forum - Newport, RI
IMN (Information Management Network) is holding their 14th Annual Opportunity and Private Real Estate Fund Investing Forum in Newport, Rhode Island on June 25-27.  I’ve attended, and moderated panels, at this signature event (Laguna Beach, East Coast, London) a number of times – although due to a scheduling conflict in June I won’t be in Newport.  This event usually attracts around 1,000 commercial real estate players – ranging from institutional investors to a diverse group of service providers.  I just took a look at the agenda and see that IMN has recruited a diverse group of moderators and panelists.  Among these are a number of my friends who I will miss seeing on the stage.   The venue, Gurney's Newport Resort & Marina, looks terrific. I encourage you to check out this event.
Marc Zuckerberg’s Harvard Commencement Speech May 25 2017
I read the Commencement Speech Marc Zuckerberg made at Harvard yesterday.  Notice I didn’t say I ‘watched’ it – it’s probably somewhere on Facebook – which I permanently disconnected with earlier this week.
The words in the speech are commendable.  There’s a recurrent theme of ‘creating communities.’  Call me a skeptic.  I believe he’s talking about the ‘communities’ created using Facebook. 
While I’ve been passionate, and an active user of the Internet from shortly after former Vice-President Al Gore invented it, I’ve become increasingly worried about the cyber world.  I agree with Zuckerberg – we need to create communities, not just local ones, but global as well.  And, while in not so many words, he may be suggesting that Facebook is the way to do it, I’ve had a different view on things:  we need to communicate with one another, Face2Face.  I’ve been fortunate to have traveled to many countries and my underlying interest is meeting folks in those countries and talking with them.  Even if my ability to speak their language is minimal and conversely their English is the same, I have been able to have conversations everywhere I’ve traveled. 
Because the United States population is so diverse, we have a chance to do that right in our own backyards.  Emailing, while a valuable tool, is not only not a substitute.
While some folks consider the coffee houses to be ‘community-building vehicles’ they’re really not.  While it may be rare, how many times have you met someone and had a substantive chat - most people are either there with others, or on their computers or phones and, very likely, have headphones on – suggesting they don’t want to be spoken to – even if they’re not even listening to something?
Okay, I’ll get off my high horse now.  If you have 10 minutes, read Zuckerberg’s speech (Email me and I'll send you the PDF).  I found it worthwhile, even though I don’t like Facebook.  We can take words and ideas from disparate sources and use them, in our own way; to change the way we may be thinking about something or the way we approach something or someone.
The world we’re living in is fragile – for many, many reasons.  The global violence, targeting in many cases innocent people, is tragic and inexcusable – but it’s nevertheless real.  Can we reverse it?  I fear not.  Can we do something to grow the understanding amongst our fellow citizens of the world?  I believe we can – one by one – Face2Face.

A beautiful neighborhood park in London - May 25 2017

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