Investors - DECEMBER 23, 2014

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City police pension fund commits $30m to core real estate

by Reg Clodfelter

The City of Austin  (Tex.) Police Retirement System has committed $30 million to Morgan Stanley’s Prime Property Fund, an open-end core fund launched in 1973, according to APRS board documents.

PPF is diversified by both property type and location. It is designed to provide a stable, income-driven rate of return over the long term while maintaining the potential for asset appreciation.

APRS has approximately 14 percent of its $630 million in assets allocated to real estate, not including the commitment to MSPPF, just short of its 15 percent target.

At a more nuanced level, the retirement system targets 5 percent of its portfolio to core open-end real estate, 7.5 percent to value-add real estate and 2.5 percent to opportunistic. It has actual allocations to those sub sectors of 5.38 percent, 1.9 percent and 5.25 percent, respectively.

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