Phoenix commits $25m to Brazilian real estate
The $2.2 billion City of Phoenix Public Employees Retirement System has committed $25 million to HSI Real Estate V.
The fund, managed by Hemisferio Sul Investimentos, invests in Brazilian shopping centers, warehouses, office buildings and residential developments. The fund has raised $215 million so far, according to an SEC filing. A fundraising goal was not disclosed.
COPERS has a target allocation to real estate of 15 percent and, as of June 30, an actual allocation to the asset class of 12.65 percent.