Indiana commits $50m to multifamily fund
The $31.3 billion Indiana Public Retirement System has committed $50 million to Abacus Multi-Family Partners IV.
Abacus Multi-Family Partners IV will target select markets in the United States and will acquire existing multifamily real estate assets with the intention of implementing a value-add property improvement plan, as well as develop new multifamily real estate assets. The value-added real estate fund is seeking to raise $500 million in total equity commitments. It had raised $123 million earlier in June.
The pension fund committed $50 million to the fund’s predecessor, Abacus Multi-Family Partners III, in 2015. The fund raised $247.5 million.
As of March 31, 2017, Indiana had a 10.5 percent target allocation to real estate.