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Phoenix commits $25m to Brazilian real estate

by Zoë Wolff

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.

 

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