Louisiana SERS commits $30m to income property fund

The $1.9 billion Louisiana School Employees’ Retirement System has committed $30 million to HighBrook Income Property Fund III, confirmed Matthew Freedman, CIO for the retirement system.

HighBrook Income Property Fund III is managed by HighBrook Investors, a New York–based real estate private equity firm. The firm is a value-oriented investor that acquires and manages property investments across North America and Europe that are typically in need of repositioning or restructuring.

Fund III will invest in debt secured by U.S. properties, focusing on the office sector.

The second fund in the series, HighBrook Income Property Fund II, held a $308 million final close in March 2015. Both funds are successors to the HighBrook Income Property Fund, which held its final closing in October 2012 with more than $230 million of commitments.

As of March 31, 2018, Louisiana SERS’s real estate portfolio had a market value of $160.9 million, with an actual allocation of 8.41 percent.