Arizona PSPRS to commit €50m to real estate

The Arizona Public Safety Personnel Retirement System has plans for a potential investment of up to €50 million ($61 million) for direct and a reserve allocation of up to €10 million ($12 million) for purposes of co-investment with Benson Elliot Real Estate Partners V or its affiliates in the Bensell US Feeder V-B, LP Fund, according to its April 25 agenda.

Benson Elliot Real Estate Partners V is a recently launched fund by Benson Elliot Capital Management, a European real estate fund manager. The new closed-end real estate fund is seeking to raise €850 million ($1.047 billion) for the fund, according to the filing. The fund will invest in opportunistic assets throughout Europe.
The new fund follows its predecessor, Benson Elliot Real Estate Partners IV, which held a €634 million ($782 million) final close in 2016. The firm closed its inaugural investment vehicle, Benson Elliot Real Estate Partners II, in 2006 with commitments of €338 million ($417 million), and in 2010, Benson Elliot closed its second oversubscribed fund, Benson Elliot Real Estate Partners III, with commitments of €504 million ($622 million).

PSPRS has been a regular investor in the fund series. In 2016, the pension fund committed €15 million ($16.5 million) each to real estate funds Benson Elliot Real Estate Partners IV-Bensell U.S. Feeder Fund IV-B.