Korea’s National Pension Service pivots from fund commitments to club deals and separate accounts, signaling a broader move toward direct real‑estate ownership amid rising competition in capital markets. The shift follows criticism that private‑fund underperformance will soon surface.

EQT launches its most ambitious property fund yet, while Canada’s Canada Pension Plan Investment Board widens its Asia focus. A $2 bn retail platform acquisition by four heavy hitters adds depth to the U.S. grocery‑anchored market.

These moves reshape investor strategy, tightening competition for high‑yield assets and pushing larger allocators to seek control over deals. The trend underscores a market tilt toward direct stakes, potentially tightening liquidity in fund‑based channels.