Michigan retirement system invests $55m in real estate
The $761 million Wayne County (Mich.) Employees’ Retirement System has invested $55 million in three real estate funds, according to the recently posted minutes of the Feb. 7 meeting.
Detroit-based WCERS invested $25 million in Morgan Stanley Prime Property Fund, a core open-end fund managed by Morgan Stanley. The commingled real estate equity fund is diversified by property type and location, and designed to provide a stable, income-driven rate of return over the long term with the potential for growth of net investment income and appreciation of value.
WCERS also invested $30 million in value-added/opportunistic vehicles. The pension fund committed $15 million to Landmark Real Estate Fund VII, managed by