PSERS commits $275m to real estate
The $52.3 billion Pennsylvania Public School Employees’ Retirement System has committed a total of $275 million to three value-added real estate funds.
The first commitment was an allocation of $100 million to Cabot Industrial Value Fund V, a value-added real estate fund managed by Cabot Properties. The closed-end fund will focus its investments in industrial properties, mainly in Europe and North America. The fund has $100 million in total capital raised, as of July 2016. PSERS previously made commitments to three Cabot funds, including a $75 million allocation to the fund’s predecessor, Cabot Industrial Value Fund IV, in March 2013. The pension fund also committed $100 million to Cabot Industrial Value Fund III in August 2008. In addition, the fund