While Wall Street hedge funds get the headlines for snapping up American homes, another player is quietly moving in — foreign pension funds.
These are massive retirement portfolios from Canada, the Middle East, and Asia, looking for steady returns in America’s real estate market.
The game isn’t always individual homes; they’re buying entire rental communities, luxury towers, and multifamily portfolios. Here’s the top of the pile and what they’re really after.
Canada Pension Plan Investment Board (CPP Investments)
The heavyweight. CPPIB has gone all in on U.S. residential through a $840 million joint venture with Greystar, scooping up and developing single-family rental communities. Their play is clear: cash flow plus long-term property value growth.
Caisse de dépôt et placement du Québec (CDPQ)
Quebec’s pension giant isn’t as loud in the residential space but has its fingerprints all over U.S. real estate — logistics hubs, multifamily projects, and development partnerships that feed steady rental income.
OMERS / Oxford Properties
Ontario’s pension arm loves trophy assets — think Hudson Yards — but is also dabbling in U.S. rental projects. The focus is mixed-use developments where residential sits alongside retail and office tenants.
Qatar Investment Authority (QIA)
Best known for billion-dollar Manhattan office and luxury hotel buys, QIA has also funneled capital into U.S. residential towers in partnership with major developers, particularly in New York and Miami.
Investcorp
Bahrain’s investment beast has a long history of snapping up American property. While most of it’s commercial, they’ve started acquiring multifamily complexes in fast-growing Sunbelt cities.
Korea Investment Corporation (KIC)
South Korea’s sovereign pension fund plays the long game — hotels, mixed-use towers, and, increasingly, multifamily properties in major U.S. metros. They’re chasing both rent growth and property appreciation.
AustralianSuper
Australia’s largest pension fund has been quietly expanding in the U.S. housing market, often through partnerships with developers to fund large-scale rental and build-to-rent projects.
Aware Super (Australia)
Another Aussie heavyweight targeting multifamily developments in the U.S., focusing on high-demand urban markets where rents keep climbing.
ADIA (Abu Dhabi Investment Authority)
Middle Eastern oil wealth channeled into American apartments, luxury condos, and residential portfolios. ADIA moves in bulk, favoring properties that can scale quickly.
Norges Bank Investment Management (Norway)
The world’s largest sovereign wealth fund has been methodically acquiring residential blocks in prime U.S. cities, betting on steady rental demand in urban cores.
