Missouri LAGERS commits $60m to hospitality fund
The $7.2 billion Missouri Local Government Employees Retirement System has committed $60 million to Noble Hospitality Fund IV - Value Add, according to Brian Collett, chief investment officer for the pension fund.
The recently launched real estate fund is managed by Noble Investment Group. It will invest in value-added hotel properties throughout the United States and Canada. The fund is seeking to raise $240 million in total capital commitments and recently raised $144 million.
LAGERS previously committed $25 million to Noble Hospitality Fund III, which closed in 2015 with $233 million in equity. Noble Hospitality Fund II closed in 2013 with $220 million in equity.
As of Sept. 30, 2017, LAGERS’ portfolio performance for one year is 12.6 percent, three years (6.43 percent), five ye