Pennsylvania SERS approves $50 million commitment
The $25.7 billion Pennsylvania State Employees’ Retirement System (SERS) has invested $50 million in Regional Real Estate Investment Corp. The Townsend Group, Pennsylvania SERS’ real estate consultant, assisted with the interview.
Regional Real Estate Investment Corp., in a venture with Pennsylvania Real Estate Investment Trust, will establish a real estate separate account focused on investing exclusively within the Commonwealth of Pennsylvania.
The commitment further focuses investments in the separate account real estate portfolio, helping to increase SERS’ control and liquidity options, and reduce fees as outlined in the retirement system’s 2012–13 Strategic Investment Plan.
Pennsylvania SERS earned a net-of-fees return of 0.7 percent for second quarter 2013, resulting in a 4.3 percent return in the first half of 20