Arizona PSPRS commits $80m to Miller Global fund
The $8.3 billion Public Safety Personnel Retirement System of the State of Arizona has committed up to $50 million directly and $30 million in co-investments to Miller Global Fund VIII, managed by Miller Global Properties.
The closed-end fund, which recently opened in August 2016, will focus its investments in U.S. unconstrained properties.
PSPRS previously committed up to $60 million to Rubenstein Properties Fund III, a value-added fund managed by Rubenstein Partners.
Miller Global earned slightly more than 1 percent return on its investment portfolio for the 2016 fiscal year.
The pension fund has a target real estate allocation of 10 percent and an actual allocation of 10.5 percent.