房地產(chǎn)相關(guān)畢業(yè)論文外文翻譯--創(chuàng)業(yè)者的轉(zhuǎn)機(jī)：房地產(chǎn)的盈利時刻-管理系統(tǒng)-展示頁
2025-05-27 02:11本頁面
【正文】 out over the ing months and years, we will keep an eye on the process in this column, and as with all subjects covered in this column, we would wele hearing your perspective on this. CALPERS AND PLACEMENT AGENTS Much of the real estate investment momentum over the year 2020 through 2020 was fueled by increased asset allocation within public employee pension founds, attracted by seemingly high returns. One example of this was a $14 billion increase in mercial real estate investment 9by the California Public Employees Retirement System (CalPERS) as the market boomed in 2020 and only was the exposure increased, but, as detailed in a Real Estate Program Review, dated April 19,2020,by the Real Estate Unit Of the CalPERS Investment Office, new investment disproportionally made to high risk investments .in a Memorandum acpanying the Program Review The Real Estate Consultant to the CalPERS, Board also noted a wide variety of factors that apparently contributed to the percent decline in Net Assets at Fair Market Value from June 30,2020 through June 30,2020, in the CalPERS real estate portfolio, as follows: (1) Higher amounts of leverage, which lowered ine returns and increased exposure to changes in the asset value。 (3) Looser program guidelines gave investment strategies。 (5) A dramatic increase in the number of manager relationships and mingled investment vehicles provided less control, poorer governance and hindered staff39。 3 (6) vintage year concentration with over $27 billion of equity mitments made in 2020 and 2020,in part driven by successful market timing dispositions realized by core partner. Interestingly neither the Real Estate Program Review nor the PCA Memorandum cite the undue influence of placement agents, generally third party consultants with differing degrees of professional and petence, political or board connections, and pensation arrangements who undoubtedly contributed to the increase in the number of manager relationships, looser program guidelines, and large concentrated investments. However, the California legislature did take note of the potential foe abuse. On October 11,2020,Governor , Schwarzenegger signed into law Assembly Bill No. 1584 regulating the role of placement agents and requiring disclosure of contributions or gifts to state and local retirement board members. This now has been followed by Assembly Bill No. 1743, not yet enacted into law, which would define placement agents as lobbyists into accordance with California39。 experience during the past 28 years suggests that a real estate strategy focused primarily on direct investment in corerisk type properties has provided a more attractive risk adjusted return than the more aggressive opportunistic strategy. PCA finds significant merit in the overall context of the CalPERS investment program in pursuing a less aggressive strategy. With more controls, than was in place between 2020and 2020. 4 Will this mean that public pension funds increasingly will focus on the same core, stable assets that are being pursued by global investment fund? Perhaps, but in the real estate program review the staff notes that at current values the CalPERS actual real estate investment portfolio is at percent of total asses versus the target allocation of 10 percent and the dislocation in the real estate market will present investment opportunities, which is good news for the real estate capital market. FIARA AND PRIVATE PLACEMENT As noted above, congress is considering adding additional structures to the private placement market. while it is un clear how
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