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Investors - MARCH 24, 2014

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KPERS commits $40m to CBREGI fund

by Andrea Waitrovich

The $15.66 billion Kansas Public Employees Retirement System approved a $40 million commitment to CBRE Strategic Partners U.S. Value Fund 7, managed by CBRE Global Investors, at its March 14 meeting.

The value-added fund launched in October 2013 with a $1.5 billion target and is anticipating a first close on April 1. The value-added fund will invest in “next-tier” U.S. markets across the major property types and will seek to acquire properties that are at a discount to current replacement cost, are off-market or have limited bid situations, or are underperforming assets from distressed or transitional owners. The fund will use up to 60 percent leverage and will seek a net, leveraged IRR of 12.8 percent.

This is a follow-on investment to the CBRE Global Investors fund series. KPERS invested $50 million in the manager's U.S. Value 6 in May 2012.

KPERS has an 11 percent target allocation

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