IPERS to commit $150m to private real estate debt in CY2018

The $32.07 billion Iowa Public Employees’ Retirement System has plans to commit approximately $150 million to private real estate debt strategies through calendar year 2018, according to a board meeting summary document.

IPERS mainly invests in funds that focus on four major commercial real estate sectors: office, industrial, retail and apartments.

In addition, IPERS expects to commit about $10 million to $40 million to its private real assets (timberland & farmland) portfolio in CY2018 as well.

At the Dec. 7 meeting, IPERS also approved the hiring of Prudential Global Investment Management for the private commercial real estate debt strategic partner mandate, subject to successful completion of due diligence and contract negotiations. PGIM will opportunistically invest in private commercial real estate debt on a global basis in a strategic partnership relationship with IPERS.

The document also reported that IPERS’ unfunded actuarial liability inc