The Pennsylvania Public School Employees’ Retirement System (Penn PSERS) has approved two private real estate investments, according to a recent media report.
The pension fund has greenlighted a $175 million investment in Cabot Industrial Value Fund VII and a $125 million investment in DRA Growth and Income Fund.
Cabot Industrial Value Fund VII — a closed-end, value-add fund managed by Cabot Properties — launched in April and is seeking to invest in value-added industrial assets in North America (including Mexico) and Europe. DRA Growth and Income Fund, a closed-end opportunistic fund managed by DRA Advisors, invests in properties nationwide, sometimes jointly with REITs.
The system also recorded a 2.28 percent preliminary net performance return for the fiscal year ending June 30, according to PSERS’ consultant, Aon. PSERS was one of a small number of U.S. public or corporate pension plans that generated positive net investment performance through the tu
