RBC enters private real estate with $800m fund – Exclusive
The asset management arm of the Canadian Bank has launched its first product in the sector in partnership with BCI and its subsidiary QuadReal.
RBC Global Asset Management has taken a first step into the private market with the launch of an open-ended core real estate fund, which will target an initial fundraise of $600 million-$800 million.
The RBC Canadian Core Real Estate Fund is the first product launched by the firm’s new direct real estate equity program, which was established in August 2018 with the hiring of Michael Kitt, formerly chief financial officer at Oxford Properties, the real estate arm of Ontario Municipal Employees Retirement System. Kitt joined RBC GAM as head of real estate equity investments and was tasked with building out the firm’s direct real estate equity investment business.
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