The National Pension Service of Korea (NPS) and Tishman Speyer have announced the creation of NPS-Tishman Speyer Thematic Platform, a $1.5 billion separately managed account (SMA) focused on investments in real estate innovation and high-demand asset classes across major U.S. markets.
The newly established venture will dedicate capital to pursue opportunities in emerging sectors that are being propelled by rapid advances in innovation and technology. The initiative, which draws upon Tishman Speyer and NPS’s global expertise and experiences as early adopters of new technologies, will explore the creation of new funds and platforms aimed at a range of promising sectors.
“For more than a decade, the National Pension Service has been a strategic partner and sophisticated co-investor with us. I am excited to build on our relationship and recent successes,” said Tishman Speyer president and CEO Rob Speyer.
“This new platform leans into our collective experience in emerging asset classes and global markets. The most intriguing part is the new built-in ability to move quickly based on disruptive technologies and market shifts.”
The NPS-Tishman Speyer platform will also devote capital for the acquisition and development by Breakthrough Properties of world-class life sciences real estate. A joint venture between Tishman Speyer and life sciences investment firm Bellco Capital, Breakthrough Properties is currently advancing a number of major investments in the largest life sciences clusters in Boston and San Diego and maintains a robust pipeline of potential investments in many established and emerging life sciences markets.
The platform will make investments in promising proptech companies, especially at nascent stages in their growth cycles. NPS and Tishman Speyer will specifically target investments in disruptive technologies that are transforming how all stakeholders experience real estate.
NPS will become the anchor investor in Tishman Speyer’s newly established affordable housing platform. The partnership will focus on addressing the affordability crisis by investing in fair and equitable affordable and workforce housing primarily in supply-constrained neighborhoods.
In addition, the NPS-Tishman Speyer partnership will seed the creation of a new mezzanine lending arm within Tishman Speyer that will originate and acquire high-yield loans tied to various sectors of real estate in gateway cities and growing innovation markets.
National Pension Service of Korea (NPS) is one of the largest pension funds in the world with approximately $788 billion in assets including real estate, private equity and infrastructure.
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 30 key markets across the United States, Europe, Asia and Latin America. Since its inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties, totaling 219 million square feet, with a combined value of over $121 billion. The company’s current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and Mission Rock in San Francisco.