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Investors - JUNE 20, 2016

PSERS commits $275m to real estate and infrastructure

by Zoë Wolff

The $47.6 billion Pennsylvania Public School Employees’ Retirement System has committed $275 million to real estate and infrastructure, according to recent meeting documents.

The pension fund committed $100 million to DRA Growth & Income Fund IX. The value-added fund, sponsored by DRA Advisors, invests across all the major property types throughout the United States. In 2013, PSERS committed $100 million to DRA Growth & Income Fund VIII, the fund’s predecessor, which held a final close of $1.35 billion in 2014.

PSERS also committed $75 million to RCG Longview Debt Fund VI, a real estate debt fund. The pension fund previously committed $75 million to RCG Longview Debt Fund V, the fund’s predecessor, in 2012. Fund V held a final close of $353 million in 2014.

Finally, the pension fund committed $100 million to International Infrastructure Finance Company II, an infrastructure debt fund managed by Mariner Investment Group.

PSERS has a 12 percent target allocation to real estate and an 11.2 percent actual allocation to the asset class.

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