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Clients of Townsend Group make commitments to Brookfield Asset Management’s USD 5 billion private equity real estate club fund

Real estate consultant Townsend Group has secured commitments totalling USD 500 million from around 12 unnamed clients for Brookfield’s club fund Global Real Estate Investor Consortium. As the fund’s minimum commitment size is USD 500 million, Townsend Group approached about a dozen of its clients to pool the USD 500 million commitment. Each of its clients committed between USD 25 million and USD 50 million. Other investors in the fund include the sovereign wealth funds China Investment Corporation and Future Fund, each of which committed USD 1 billion. The private equity real estate fund also received commitments of USD 500 million each from CPP Investment Board, Government of Singapore Investment Corporation (GIC), and Public Sector Pension Investment Board. The fund will target distressed debt and under-valued real estate assets on a global basis and its investment size per property or project is around USD 500 million. The fund will allow any of its investors, including the Townsend pool, (considered as a single limited partner in the fund) to opt out from certain deals, as well as choose to co-invest with the fund.

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Posted by Stuart Taylor on 15-Oct-2009

Keywords: private equity real estate, private equity real estate funds, Townsend Group, Brookfield, real estate club funds