
Bain, Brookfield Pick Up $80M from Houston Police Pension for Real Estate Funds
Bain Capital and Brookfield Asset Management each received a $40 million allocation from the $7.1 billion Houston Police Officers Pension System (HPOPS) for their respective funds, Bain Capital Real Estate Fund III and Brookfield Strategic Real Estate Partners (BSREP) V.
Bain Capital Real Estate Fund III, which is aiming for a $3.75 billion raise, will invest largely in North American markets, with a 25% cap on investments beyond North America.
With a value-add approach, the fund will invest opportunistically in self-storage, life sciences office/lab space, medical office, senior housing, last-mile industrial, affordable housing, and media/content production space.
BSREP V will invest opportunistically in a wide range of global sectors. The fund’s goal is to raise $15 billion.
Houston Police Officers had 10.5% of their fund invested in real estate as of December 2022, compared to a target allocation of 10%.
