Investors - APRIL 28, 2017

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PSERS commits $100m to Oak Street fund

by Jody Barhanovich

The $26.8 billion Pennsylvania State Employees’ Retirement System has committed $100 million to Oak Street Real Estate Capital Fund IV, according to a board meeting document.

Oak Street Real Estate Capital Fund IV is a closed-end real estate fund that follows a value-added investment strategy. The fund will invest in triple-net lease properties throughout the United States. The fund has a $1 billion equity fundraising target, with a fundraising maximum of $1.25 billion. The fund has raised $560 million in equity commitments so far, according to IREI’s FundTracker database.

The fund has previously received commitments from additional pension funds, including a $100 million commitment from the $45.9 billion Teachers’ Retirement System of the State of Illinois and a $75 million commitment from the $34.7 billion Illinois Municipal Retirement Fund.

The fund’s predecessor, Oak Street Real Estate Capital Fund III, held a $515 million final close in March 2016,

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