Arizona State commits $500m to real estate
The $32 billion Arizona State Retirement System has committed an additional $500 million to H/2 Capital Partners, according to spokesman David Cannella. The pension fund committed $150 million to H/2 Capital’s Special Opportunities IV fund and $350 million to a separate account, H/2 Strategic Partners.
Special Opportunities IV is a closed-end real estate fund that focuses on U.S. assets with high-quality real estate debt. The fund previously received a $7 million commitment from the $661 million Oklahoma State Regents for Higher Education, in October 2016.
ASRS previously committed $200 million to the fund’s predecessor, Special Opportunities III, and $150 million to Special Opportunities II.
In addition, the pension fund committed $400 million to H/2 Capital’s Core Real Estate Debt Fund in 2013.
Arizona State has a target allocation to real estate of 10 percent.