PSERS commits $100m to multifamily, to conduct nationwide search for vacant executive positions
The $72.5 billion Pennsylvania Public School Employees' Retirement System (PSERS) has approved a $100 million commitment to LEM Multifamily Fund VI, according to a recent news release.
LEM Capital announced a first closing for the fund on July 9, 2021, at $42.20 million. LEM invests in apartment assets located in primary and secondary markets on the East and West coasts, the four major cities in Texas, and in Phoenix, Denver, Minneapolis, Chicago, Nashville, and other cities on a select basis.
The fund’s predecessor, LEM Multifamily V, closed at $330.8 million in July 2020, exceeding its fundraising target of $300 million. Fund V targeted investments in class-B value-add multifamily properties in primary and secondary suburban markets across the United States. According to LEM, more than 80 percent of investors in Fund V were repeat investors from previous fundraise