Arizona PSPRS makes $70m commitment to real estate
The Arizona Public Safety Personnel Retirement System (PSPRS) has plans to commit $70 million to real estate.
The pension fund committed up to $40 million directly and up to $40 million in co-investments to Iron Point Real Estate Partners IV, managed by Iron Point Partners, and up to $30 million directly and up to $10 million in co-investments to Alcion Real Estate Partners Tax-Exempt Parallel Fund IV, managed by Alcion Ventures.
Iron Point Real Estate Partners IV will invest in properties throughout the United States and Canada. The fund’s predecessor, Iron Point Real Estate Partners III, held a $750 million final close in August, exceeding its $450 million target. The fund closed after three months of fundraising.
The Arizona Public Safety Personnel Retirement System has netted investment returns of nearly $660 million over the past fiscal year, with the help of strong performance by the trust’s public and private equity assets.
The fund’s investments also generated a gross return rate of 7.8 percent for the year, helping the system top the $10 billion mark in assets under management for the first time in its 50-year history. Net of fees, the overall returns stood at 7.1 percent for fiscal year 2018.
