The City of Phoenix Employees’ Retirement System has committed a total of $50 million to two real estate funds, according to Greg Fitchet, investment officer for the pension fund.
The pension fund committed $25 million each to Real Estate Capital Asia Partners (RECAP) V and Ascentris Value Add Fund III​.
The first fund, Real Estate Capital Asia Partners (RECAP) V, is a closed-end fund managed by Singapore-based SC Capital Partners. The firm is looking to expand its portfolio in the Asia Pacific region, specifically in Japan, Australia, Greater China, Hong Kong, South Korea and some countries in Southeast Asia with the fund.
The second fund, Ascentris Value Add Fund III, is managed by Ascentris, a real estate private equity firm based in Denver. Ascentris has invested across all the major property types and geographic regions in the United States.
City of Phoenix Employees’ Retirement System has a target allocation to real estate of 12 percent.
