Investors - OCTOBER 8, 2014

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PSERS commits $300m to real estate

by Reg Clodfelter

The $53.3 billion Pennsylvania Public School Employees’ Retirement System has committed $300 million to real estate and real estate secondaries, divided between AG Core Plus Realty Fund IV, which received $100 million, and PSERS’ own Real Estate In-House Co-Investment and Secondary Program, which received the rest.

Angelo, Gordon & Co.’s AG CPRF IV targets sub-performing office, retail, multifamily and industrial real estate assets whose sub-performance can be corrected with relatively low risk and which are likely to appreciate over time. The fund will predominantly focus on the top 15 U.S. markets, though it may invest without limitation elsewhere in North America and may invest up to 25 percent of its capital outside of North America. The fund will not invest in development projects.

PSERS’ Real Estate In-House Co-Investment and Secondary Program was launched in March 2014 alongside PSERS’ Private Debt In-House Co-Investmen

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