Houston commits €15m to real estate
The $2.5 billion Houston Municipal Employees Pension System has committed €15 million ($16.3 million) to PW Real Estate Fund III, according to Peter Koops, spokesperson for the pension fund.
The fund, managed by PW Real Assets, formerly Perella Weinberg, targets properties in France, Germany, Ireland, Portugal, Spain and the United Kingdom, as well as Central and Eastern Europe. The opportunistic fund is seeking to raise €1.5 billion ($1.7 billion). The New Mexico Public Employees Retirement Association, the New Jersey Division of Investmentand the Ohio Police & Fire Pension Fund have all committed to the fund.
As of June 2015, HMEPS had a 10 percent target allocation to real estate; the pension fund’s actual allocation to the asset class was 11.2 percent.