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PennSERS commits $100m in follow-on investments
In a move it has considered since September’s board meeting, the Pennsylvania State Employees’ Retirement System has committed $50 million each to Rockpoint Real Estate Fund V and Prudential Senior Housing Fund V.
Prudential’s fifth senior housing fund launched earlier this year and will presumably use a similar strategy to its predecessor, targeting senior housing investments such as independent living, assisted living and memory care properties through direct and joint venture acquisitions of existing properties, forward commitments on newly constructed properties, mezzanine loans and development. Fund IV in the value-add series closed in April 2012 after raising $568 million.
Rockpoint’s recently launched REF V, which is reportedly seeking a $2.5 billion haul, will likely continu