Arizona PSPRS commits $133m to real estate
The $8.3 billion Arizona Public Safety Personnel Retirement System has committed $133 million to commercial real estate and agriculture.
On June 15, the pension fund committed €15 million ($16.5 million) to Benson Elliot Real Estate Partners IV – Bensell U.S. Feeder Fund IV-B, managed by Benson Elliot Capital Management. Another €15 million ($16.5 million) to Patron Capital Group V, managed by Patron Capital Advisers.
This week, Benson Elliot Real Estate Partners IV raised €700 million ($771 million). With more than €75 million ($83 million) of co-investments earmarked for the fund, the vehicle was oversubscribed at closing, exceeding its initial €600 million ($660 million) target.
The fund already has completed nine transactions in six countries for approximately €800 million ($881 million), including buying hotels in Paris, Milan and other gateway cities; a shopping center in Bologna, Italy; and several offi