PSERS allocates $400m to four real estate funds

The $57 billion Pennsylvania Public School Employees’ Retirement System (PSERS) has voted to invest up to $400 million in four different real estate funds.

The commitments include:

$100 million to Bell Institutional Fund VII, a multifamily real estate fund managed by Bell Partners. $100 million to Cabot Industrial Value Fund VI, an industrial real estate fund managed by Cabot Properties. $100 million to DRA Growth & Income Master Fund X, a diversified real estate fund managed by DRA Advisors. $100 million to AG Europe Realty Fund III, a European value-add real estate fund managed by Angelo Gordon & Co.

PSERS also approved changes to the fund’s strategic asset allocation, which will take effect on Oct. 1.

“This is the most important process the board goes through each year,” said Glen Grell, executive director of PSERS. “It sets the guardrails for how the investment team invests money.”

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