The $23 billion Kansas Public Employees Retirement System (KPERS) has approved an additional $100 million commitment to the Prime Property Fund, an open-end commingled fund managed by Morgan Stanley Investment Management.
KPERS previously invested $65 million in the fund in 2019 and $50 million in 2013, a spokesperson for the pension fund confirmed in an email.
Prime Property Fund is the largest fund across Morgan Stanley Real Estate Investing’s global real estate platform. As of Dec. 31, 2019, the fund had $31.4 billion in gross real estate assets.
The fund focuses on high-quality office buildings and class A apartment communities concentrated within nine targeted markets, warehouses in major distribution markets, and top-tier super-regional malls.
As of Dec. 31, 2020, KPERS had an 8.6 percent allocation to real estate, against an 11 percent target.
