A. Beath, Sébastien Betermier, Maaike P. A. van Bragt, Quentin Spehner, Yuedan Liu
{"title":"Green Urban Development: The Impact Investment Strategy of Canadian Pension Funds","authors":"A. Beath, Sébastien Betermier, Maaike P. A. van Bragt, Quentin Spehner, Yuedan Liu","doi":"10.2139/ssrn.3853175","DOIUrl":null,"url":null,"abstract":"This paper investigates the investment strategy that large Canadian pension funds implement in the private real estate market. Even though they manage just 6% of global pension assets in our data, Canadian pension funds are responsible for 60% of the total value of direct real estate deals involving a pension fund. Their portfolio strategy combines global asset diversification with a local impact strategy that consists of internally developing and greening urban properties. Using a common benchmarking methodology across funds, we show that this strategy delivers superior performance net of fees and drives the green development of major city centers.","PeriodicalId":127004,"journal":{"name":"SIRN: Retirement Income (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"SIRN: Retirement Income (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3853175","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
This paper investigates the investment strategy that large Canadian pension funds implement in the private real estate market. Even though they manage just 6% of global pension assets in our data, Canadian pension funds are responsible for 60% of the total value of direct real estate deals involving a pension fund. Their portfolio strategy combines global asset diversification with a local impact strategy that consists of internally developing and greening urban properties. Using a common benchmarking methodology across funds, we show that this strategy delivers superior performance net of fees and drives the green development of major city centers.
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