Expanding its Alternative Investment
The National Pension Service and Stockbridge Capital announced on Dec. 4 that the former acquired fulfillment center portfolios in multiple U.S. regions, including Atlanta, Boston, Chicago, Detroit and Memphis, by investing in the latter’s US$2 billion fund.
Multiple institutional investors are participating in the investment project and the NPS is investing more than 500 billion won in the project. The total area of the portfolios amounts to approximately 1.33 million square meters, the largest U.S. industrial asset transaction since the outbreak of COVID-19.
According to Stockbridge Capital, most of the portfolios are already in long-term lease contracts with major e-commerce companies such as Amazon and most of the centers are newly built cutting-edge facilities with high investment value.
Stockbridge Capital is an alternative investment asset management firm located in San Francisco. Its current assets under management are US$18.4 billion. The NPS and Stockbridge Capital have made two joint investments so far. The first was in November last year, when Stockbridge Capital invested in U.S. logistics facilities with an area of 800,000 square meters.
The NPS is strategically expanding its alternative investment in order to raise its return on investment and diversify and reduce investment risks. Alternative investment currently accounts for 12 percent of its total investment assets and the ratio is scheduled to be raised to 15 percent by 2025.