Vestcor Inc. has acquired a minority interest in Crown Realty Partners, further advancing the relationship between the real estate investment manager and public sector pension plan administrator. Vestcor, which is jointly owned by the New Brunswick Public Service Pension Plan and New Brunswick Teachers Pension Plan, is already an investor in Crown’s limited partnership funds.

“We anticipate that this strategic relationship with Vestcor will strengthen Crown’s ability to be the manager of choice for institutional investors in commercial real estate,” submits Les Miller, a managing partner with Crown. “An institutional partner also reinforces Crown’s commitment to its fiduciary duties, good governance and ESG.”

Miller and fellow operating partners — Jamie Christie, Mark Dimmell, Emily Hanna, Gary Summers and Scott Watson — will continue to hold the majority of Crown’s shares.

“We are pleased to partner with such an experienced team,” says Dan Goguen, vice president, private markets at Vestcor. “Crown, with its value-add focus, is well positioned to benefit from potential dislocations in the commercial real estate market. We look forward to a long-term relationship of continued success.”

Vestcor currently oversees about $19 billion in assets under management, providing administrative services to 15 public sector pension plans and four employee benefit plans.