Major institutional investors are increasingly seeking founding partner positions in new real estate fund vehicles to shape strategy and governance from inception. At the PERE Network Asia Summit, executives from APG Asset Management, Abu Dhabi Investment Authority, and Australian Retirement Trust discussed their approaches to early-stage commitments.

Brian Hung of APG emphasized that early investment allows funds to iterate on open-ended vehicles, potentially adjusting liquidity mechanisms or governance structures. The Dutch pension investor recently anchored Hongkong Land's first open-ended core fund focused on Singapore commercial assets, alongside Qatar Investment Authority. Hung noted that founding positions enable discussions about strategy parameters and the ability to transition development vehicles to perpetual capital structures.

ADIA's Drew Goldman outlined three criteria for founding investments: strategic alignment, partner selection, and economic viability. The sovereign wealth fund's 20 percent commitment to Welltower's inaugural fund exemplified this approach, leveraging Goldman's prior relationship with the CEO. However, ADIA reviews approximately 10-15 potential founding commitments for every one it makes. Goldman stressed that early involvement allows investors to apply insights from previous relationships and ADIA's institutional perspective.