Arizona PSPRS commits up to £80m to real estate fund

The $8.3 billion Public Safety Personnel Retirement System of the State of Arizona has approved the previously announced commitment of up to £50 million ($62.8 million) for direct investment, with a reserve allocation of up to £30 million ($37.7 million) for purposes of co-investment, to Clearbell Fund III, according to spokesman Christian Palmer.

The pension fund had allocated £80 million ($100.6 million) to the Clearbell fund earlier this month; however, the allocation was subject to final staff and legal due diligence.

The closed-end Clearbell Fund III opened in first quarter 2017 and follows a value-added investment strategy. The fund, which will invest in office properties throughou