CPP Investments was second, with $1.24bn allocated.
The $11bn institution has invested in Sabal Debt Opportunities Fund III.
The $11bn pension fund will be launching searches for managers imminently.
The system has rebalanced its portfolio, increasing its private real estate debt target and decreasing that of its core real estate by 2% each way.
The pension fund made 10 commitments totaling $1.28bn to the sector from 2017 through the third quarter 2022
The company expects to see strong rent growth over the next two years.
With a looming threat of inflation, the sector is starting to feel like a safer bet.
The workhorse of the commercial property finance market is down but might not be out.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.