Arizona retirement system commits $43m to U.K. real estate
The Public Safety Personnel Retirement System of the State of Arizona has committed €25 million ($28 million) plus €13 million ($14.6 million) to Frogmore Real Estate Partners III, according to sources familiar with the matter.
The value-add fund is looking to raise £350 million ($524.6 million) to invest in assets across the major property types in the United Kingdom. The fund is seeking a final close by June 2015. Its predecessor had a £200 million ($300 million) final close in December 2009.
Other institutional investors in the fund include the North Carolina Retirement Systems, which committed £50 million ($75 million) to the fund in the latter half of 2014, according to IREI’s FundTracker Database.
The $8 billion PSPRS of Arizona has an 11 percent target allocation to real estate, and approximately 10 percent of its assets investe