Penn SERS makes $75m follow-on commitment to Oak Street Real Estate Capital Fund VI

The Pennsylvania State Employees’ Retirement System (Penn SERS) has approved a $75 million follow-on investment to Oak Street Real Estate Capital Fund VI.

Oak Street Real Estate Capital Fund VI is managed by Oak Street Real Estate Capital, a division of Blue Owl. The value-add fund focuses on single-tenant, triple-net lease assets throughout the United States. It opened to investors in June and has a fundraising target of $4 billion, according to the IREI.Q database.

As of June 30, investment returns for Penn SERS’ real estate asset class were 6.25 percent, year-to-date.

In other news, the pension fund plans to begin a request for information process to select the next real estate consultant in mid-March 2023, and the general investment consultant in mid-May 2023. The current contract with NEPC for real estate consulting services will expire on Dec 1, 2023, and the current contract with Callan for general inve