Griffin Institutional Access Real Estate Fund, a closed-end, interval fund sponsored by Griffin Capital, reported that it has made an additional investment into the life sciences sector in the form of a follow-on investment into one of the fund’s existing life sciences private fund holdings. Griffin did not disclose or confirm the name of the life sciences fund or the amount invested.
“We continue to believe that the life sciences sector, which sits at the intersection of biology and technology, is poised to outperform due to strong demand for this highly specialized asset type,” said Randy Anderson, chief executive officer of Griffin Capital Asset Management Company. “Through our partnerships with Ventas and other institutional managers, we are pleased to provide individual investors with an actively managed real estate solution that seeks to participate in secular growth trends. We continue to see opportunities across all of our high-conviction themes which include life sciences, industrial, multifamily, and private real estate debt.”
According to public filings with the SEC, as of December 31, 2020, Griffin Institutional Access Real Estate Fund held 120,339 shares in Ventas Life Science and Healthcare Real Estate Fund valued at $133 million, which is nearly 3.5 percent of the interval fund’s net assets.
Ventas Life Science and Healthcare Real Estate Fund, sponsored by Ventas, Inc. (NYSE: VTR), is a perpetual life vehicle focused on investments in core and core plus life science, medical office and senior housing real estate in North America.
Griffin Institutional Access Real Estate Fund reported that it has “generated positive returns in 24 of 26 quarters since inception and has delivered strong performance, posting positive returns in each of the last five months through February 2021.”
During 2020, the fund invested more than $555 million into private investment opportunities across 13 different institutional managers, 97 percent of which was allocated to private debt or equity positions within multifamily, industrial, and specialty properties.
Citing the December 2020 Stanger Market Pulse, Griffin Institutional Access Real Estate Fund indicated that its capital inflows exceeded all interval fund peers during 2020.
Since June 30, 2020, the fund’s Class I shares (NASDAQ: GRIFX) have generated a 7.62 percent return, outperforming traditional fixed income (Bloomberg Barclays U.S. Aggregate Bond Index) by 9.72 percent through March 12, 2021. More recently, the fund’s Class I shares (NASDAQ: GRIFX) have generated a 3.25 percent return year-to-date through March 12, 2021.
Griffin Institutional Access Real Estate Fund (NASDAQ: GIREX, GCREX, GRIFX, GLREX, GMREX), a closed-end, interval fund, is an actively managed portfolio of private real estate funds and public real estate securities, diversified by property type and geography, offering daily pricing and periodic liquidity at net asset value. The fund will make quarterly offers to repurchase between 5 percent and 25 percent of its outstanding shares at net asset value. The fund is advised by Griffin Capital Advisor.