The firm has reportedly engaged with prospective buyers to facilitate liquidity for investors in a US-based open-ended fund managed by Blackstone Property Partners.
The pension worked with Hamilton Lane on the secondary acquisition of an interest in the approximately $31 billion open-end real estate fund.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
Cascade Real Assets Fund currently provides exposure to 120 properties through seven platform partners, spanning secondaries, co-investments, and seasoned primaries.
The transaction allows the Minneapolis-based firm to retain majority ownership of an 18-building infill industrial portfolio in Atlanta.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
The recently registered interval fund, sub-advised by Barings, will target private asset-based credit investments through direct and secondary transactions.
The pension has acquired interests in two component funds within IDR Core Property Trust, an open-ended commingled real estate vehicle.
The non-traded fund currently has more than $2 billion in outstanding redemption requests.
