{"title":"Pension fund investment in commercial real estate: a qualitative analysis of decision-making and investment practices in Brazil","authors":"D. Sanfelici, Maira Magnani","doi":"10.1080/23792949.2021.1943472","DOIUrl":null,"url":null,"abstract":"ABSTRACT Existing research has shown that pension funds have been adopting financialized real estate governance models and investment practices more concerned with the short-term risk–return performance of the portfolio. This study of the property portfolios of Brazil’s largest pension funds shows that financialization is a powerful force but does not fully explain pension fund commercial real estate investment and management practices which are strongly predicated upon three guiding principles: (1) an awareness of the constraints posed by pension liabilities; (2) a focus on asset-specific competences to increase returns; and (3) a prioritization of in-house investment management. These practices are, however, challenged by a recent Monetary Board decision to ban direct property investment by pension funds and place their resources at the disposal of the financial industry.","PeriodicalId":31513,"journal":{"name":"Area Development and Policy","volume":null,"pages":null},"PeriodicalIF":1.8000,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Area Development and Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/23792949.2021.1943472","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"DEVELOPMENT STUDIES","Score":null,"Total":0}
引用次数: 4
Abstract
ABSTRACT Existing research has shown that pension funds have been adopting financialized real estate governance models and investment practices more concerned with the short-term risk–return performance of the portfolio. This study of the property portfolios of Brazil’s largest pension funds shows that financialization is a powerful force but does not fully explain pension fund commercial real estate investment and management practices which are strongly predicated upon three guiding principles: (1) an awareness of the constraints posed by pension liabilities; (2) a focus on asset-specific competences to increase returns; and (3) a prioritization of in-house investment management. These practices are, however, challenged by a recent Monetary Board decision to ban direct property investment by pension funds and place their resources at the disposal of the financial industry.
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