Pension funds are stepping up the use of discrete accounts to lower costs and dictate terms that tend to include longer investment horizons than those in many off-the-shelf funds.
Real estate investment trusts that specialize in industrial properties, such as Prologis Inc., Rexford Industrial Realty Inc. and Terreno Realty Corp., are outperforming REITs that focus on malls, residential rentals and office buildings.
Under the agreement, one lead federal agency will be responsible for shepherding projects through the entire process, and will set timetables for other agencies to follow.
Strategic Partners Real Assets II LP, as the fund is known, is focused on interests in funds that target proven, cash-yielding assets such as airports, ports, toll roads and utilities.
