Investors - JANUARY 28, 2013

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Hawaii Employees commits to Mesa West fund

by Andrea Waitrovich

The $12 billion Hawaii Employees' Retirement System has committed $20 million to Mesa West Real Estate Income Fund III, a real estate debt fund managed by Mesa West Capital. Mesa West Capital declined to comment on the investment.

The commitment was made before the fund held a close earlier this month, which raised approximately $510 million in equity commitments. The fund launched in February 2012 with a $650 million fundraising goal. It is expected to hold a final close later this year.

The closed-ended commingled debt investment vehicle will provide financing for value-added real estate investments across the United States, targeting office, industrial, retail, apartment and hotel assets.

Hawaii Employees Retirement System had 8.3 percent of plan assets invested in real estate, above its 7 percent target allocation, as of Septem

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