CARAC, the EUR 7.8 billion French public pension fund, is looking to invest in five or six new real estate funds in the next 12 months. It is looking to invest only with real estate fund managers it has yet to form relationships with rather than with its existing managers, and is seeking vehicles that target office, logistics, mixed-use and retail properties. The size of each fund commitment is still under consideration, although the pension fund has a typical bitesize of EUR 5 million per fund. CARAC has a target allocation of 8% to real estate and its actual allocation is 7%. The public pension fund’s portfolio is split 30% to private real estate funds and 70% to direct real estate.