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The 16-year GIC real estate veteran will replace Gallistel, who is joining CBRE IM as the co-chief executive.
Dhaval Parikh previously ran the Los Angeles-based manager’s real estate debt platform capital raising efforts.
The New York-based manager will focus on large-balance loans through the fund, including bridge and construction deals in the mid-market.
Managers are looking at the historically underallocated investor group as they seek to expand their platforms.
The firm anticipates another capital closing before year-end and then a final close late in the first quarter.
The manager could allocate up to approximately 25% of its sixth opportunistic fund toward real estate opportunities.
The pair will combine senior and C-PACE financing to supercharge sustainable real estate developments and existing assets.
CPP Investments was second, with $1.24bn allocated.
Andrew Smith will focus on expanding the Florida manager’s credit platform as it plans fund launch.
The firm is seeking to develop, raise and deploy credit-geared strategies.