PSERS commits $75m to multifamily fund
The Pennsylvania Public School Employees’ Retirement System has committed up to $75 million to LEM Multifamily Senior Equity Fund IV, according to meeting documents provided by a spokesperson for the pension fund.
The fund is managed by LEM Capital and is looking to raise $300 million. It will invest exclusively in class B multifamily properties in first- and second-tier markets in the United States.
The $52.7 billion pension fund approved the commitment at its April 30 meeting. Previous commitments have been made by PSERS to LEM Multifamily Senior Equity Funds II and III.