Alameda County Employees' Retirement Association (ACERA) has approved an additional investment of as much as $50 million in PRISA III, according to a board-meeting document.
PRISA III, managed by PGIM Real Estate, makes both equity and debt investments in all major property types, REOCs, joint ventures and other real estate related investment vehicles, including REITs.
The main focus will be office, retail and apartment properties, however, the fund may also engage in mezzanine financings.
PRISA III seeks to take advantage of market opportunities and capital inefficiencies without specific diversification targets or restrictions on investment structures, property types or locations.
The commitment was made as part of ACERA’s value-add real estate portfolio. As of Dec. 31, 2021, the pension fund had a 6.3-percent allocation to real estate, agai
