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Pension plan commits up to $122m to noncore real estate

by Reg Clodfelter

The $8 billion Arizona Public Safety Personnel Retirement System has committed up to $122 million to noncore real estate, divided between two funds, the Catalyst European Property Fund II and the Rockbridge Hospitality Fund VI, confirms Mark Steed, chief of staff and lead portfolio manager with PSPRS. Catalyst European Property Fund II, managed by Catalyst Capital, received a €30 million ($37.3 million) commitment for direct investments and up to a €20 million ($24.8 million) commitment for co-investments at PSPRS’ discretion. The opportunistic fund launched in 2012 with a €600 million ($745 million) fundraising goal, and will target investment opportunities in Belgium, France, Germany, Poland and the United Kingdom. Rockbridge Hospitality Fund VI, managed by Rockbridge, received a $40 million commitment for direct investments and up to a $20 million ($24.8 million) commitment for co-investments at PSPRS’ discretion. The value-add/op

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