PSERS makes first commitment to Paramount Group
The $51 billion Pennsylvania Public School Employees’ Retirement System (PSERS) has approved a $100 million commitment to Paramount Group Real Estate Fund VII, a value-added fund managed by Paramount Group.
Paramount Group declined to comment on the commitment.
This is PSERS’ first commitment to the fund series. Paramount Group Real Estate Fund VII launched in June 2011 and seeks to raise approximately $1 billion of equity by the end of 2013. It invests in office buildings, particularly located in New York City, San Francisco and Washington, D.C. The vehicle has raised approximately $300 million as of January 2013.
In addition, PSERS made a $100 million commitment to Blackstone Real Estate Debt Strategies II, a value-added real estate debt fund managed by the