Re-opening of CSA 2 Multi-Manager Real Estate Global
As of the end of June 2017, the CSA 2 Multi-Manager Real Estate Global investment group has recorded new capital commitments of more than CHF 130 million with the third opening.
Capital commitments made to date by Credit Suisse's investment group thus totaled 543.5 million as of June 30, 2017, of which more than 375 million have already been drawn down, the statement said. The investment group had been launched in October 2016362 million had been received as of the end of September 2016, which has now been fully drawn down and invested in target funds.
CSA 2 Multi-Manager Real Estate Global is an investment group of Credit Suisse Investment Foundation 2nd Pillar that is specifically tailored to Swiss pension funds. The investor base currently consists of more than 70 Swiss pension funds. The investment group will be open for new subscriptions every quarter in the future, Credit Suisse says.
The investment group is a multi-manager product that invests in selected foreign non-listed real estate funds and follows the core+ investment strategy. While the focus is on investments in core funds, the portfolio of the investment group "benefits from targeted additions in higher yielding funds that apply a value-add or opportunistic investment strategy".
The risk is not noticeably increased by "the very broad diversification by sector (residential, logistics, office, retail, other), region (Americas, Europe, Asia/Pacific), fund manager and underlying real estate (currently over 2,000) compared to a pure core investment," it adds. Foreign currency risks would be "largely hedged" against the Swiss franc.
