Pinnacle-backed boutique real estate investment trust (REIT) manager Resolution Capital has closed its flagship fund, the Resolution Capital Core Plus Property Securities Fund, to institutional investors as the fund is nearing its maximum capacity.
"Resolution Capital had to close Australian REITs fund to institutional investors. We still keep retail open," Pinnacle Investment Management managing director Ian Macoun said.
Resolution Capital has about $2 billion in total funds under management, of which three quarters in Australian REITs and a quarter is in global REITs.
Macoun said the manager's global fund started to get traction with overseas investors.
"There used to be a bit of: if you are based in Australia why would you be good at global REITs, but we've been getting quite some attention from international asset consultants," he said.
"We are able to find the big pools of money overseas," Macoun said.
"Our target market is the big sovereign funds, pension funds and still a number of multi-managers."
