City of Phoenix commits $25m to real estate
The $2.2 billion City of Phoenix Employees’ Retirement System has committed $25 million to Wheelock Street Real Estate Fund V, according to Greg Fitchet, investment officer. The opportunistic/value-added fund, sponsored by Wheelock Street Capital, targets all property types throughout the United States. COPERS previously committed $30 million to Wheelock Street Real Estate Fund II in 2013 and $20 million to Wheelock Street Real Estate Fund I in 2011. Fund I held a final close of $525 million in 2012, exceeding its $500 million target, according to a statement. The pension fund has a 15 percent target allocation to real estate. As of Dec 31, 2015, COPERS has a 14.7 percent actual allocation to the asset class.