The UK public pension fund – with total assets of GBP 600 million – is looking to make its maiden investment in real estate through a fund of funds vehicle in the next 12 months. Ealing Council Pension Fund is interested in a vehicle targeting properties throughout the UK. The pension fund has yet to decide on the type of underlying strategies it will target, or the amount of capital it will commit. It has a 10% target allocation to real estate, and intends to invest in the asset class solely through private real estate funds. It will not consider direct or listed property investments. This would be its first investment in alternatives as it does not currently have any exposure to private equity funds, hedge funds or infrastructure.