Investors - MARCH 12, 2018

PSERS commits $150m to debt fund

by Jody Barhanovich

The $50.3 billion Pennsylvania Public School Employees’ Retirement System has committed $150 million to Almanac Realty Securities VIII.

Almanac Realty Securities VIII, sponsored by Almanac Realty Investors, is a value-added real estate vehicle that will make growth capital investments into real estate operating companies, often in a structured or debt format, primarily in the United States. The firm has raised $537.1 million so far.

Additional investments in the fund have included a $150 million commitment from the Teacher Retirement System of Texas, a $60 million commitment from the Ohio Police & Fire Pension Fund and a $75 million commitment from the New Mexico State Investment Council.

The fund’s predecessor, Almanac Realty Securities VII, held a $1.42 billion final close in June 2015, exceeding its $1 billion equity fundraising target. Approximately $1.26 billion was raised for the main fund, plus an additional $160 million in equity commitments to sidecar co-investment vehicles.

Almanac Realty Securities VI held an $819 million final close in 2012.

PSERS has a target allocation to real estate of 10 percent.


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