The $109 billion Canadian pension fund joins Lunate-backed Axight as a minority shareholder after the latter acquired a 27% stake from Brookfield earlier this year.
CEO Michael Arougheti expects more institutional credit portfolios to come to market over the next two years as investors reposition their holdings.
The pension worked with Hamilton Lane on the secondary acquisition of an interest in the approximately $31 billion open-end real estate fund.
The private debt specialist, which operates a dedicated secondaries strategy, has reportedly held talks with several international investors.
The GP staker will support the Australian property investor's growth across distribution, product development, and institutionalization.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
The GP stakes deal is part of an expanded strategic partnership aimed at supporting the alternative asset manager's direct lending strategy.
The National Pension Service of Korea and Townsend Holdings have also increased their ownership in the Australian alternative asset manager.
Founded in 2008, Prime is a private commercial real estate credit platform with over $15 billion in AUM.
Founded in 2002, CRC is a private credit manager that invests in bank capital strategies, mainly SRT transactions, that deliver non-dilutive capital solutions to European banks.
