Hawaii ERS commits $30m to real estate
The Hawaii Employees’ Retirement System has committed $30 million to LaSalle Income & Growth Fund VII, according to Vijoy Chattergy, CIO of the pension fund.
The value-added real estate fund is managed by LaSalle Investment Management and is seeking to raise $750 million.
HIERS invested $50 million in LaSalle Income & Growth V. Chattergy says the retirement system “was pleased with the team and performance. We missed Fund VI, but are happy to commit to Fund VII.”
The $14.4 billion pension fund has a 7 percent target allocation to real estate. Chattergy says the asset class is underallocated at 5.7 percent of total assets, as of March 2015.