City of Phoenix commits $50m to real estate
The $2.3 billion City of Phoenix Employees Retirement System has committed $50 million to two value-added real estate funds, according to a board-meeting document.
The pension fund committed $25 million each to Focus Healthcare Partners Fund I, managed by Focus Healthcare Partners, and Hammes Partners III, managed by Hammes Co.
Focus Healthcare Partners Fund I launched in January 2016 with a $250 million equity fundraising target. The fund is planning to make all investments in North America, and will consider a variety of investment structures, including direct equity, mezzanine debt and preferred equity investments. According to Focus Healthcare’s website, the firm owns assets in a variety of states, including Illinois, Michigan, Tennessee, Arizona, Massachusetts, Washington, Alabama and Oklahoma.
Hammes Partners III, which launched in January 2017, targets healthcare and medical office investments throughout the United States. The fund seeks to raise