The $29.8 billion Pennsylvania State Employees’ Retirement System has reported a 5.2 percent return, net of fees, for its real estate asset class for the 12 months ended June 30, 2018.
For the quarter ended June 30, 2018, the pension fund also reported a 1.3 percent return on a net of fees basis for the asset class.
Returns by asset class for the quarter and 12 months ended June 30, 2018, are as follows:
|
Asset Class
|
Quarter ended
6/30/18
|
12-months ended
6/30/18
|
| Global Public Equity |
1.4% |
11.2% |
| Private Equity |
2.5% |
13.0% |
| Real Estate |
1.3% |
5.2% |
| Multi-Strategy* |
2.6% |
N/A |
| Legacy Hedge Funds |
-4.6% |
-2.3% |
| Fixed Income |
-0.6% |
0.1% |
| Cash |
0.5% |
1.6% |
| Total Fund |
1.3% |
8.6% |
As always with SERS’ investment performance reporting, all returns are reported net of fees, and private equity and real estate returns lag by one quarter.
In additional real estate–related information, PSERS recently committed $200 million to PIMCO’s latest real estate debt fund, PIMCO Commercial Real Estate Debt Fund. It is a closed-end fund that will invest in mortgages, CMBS and mezzanine loans across the United States.
PSERS has a target allocation to real estate of 12 percent and an actual allocation of 11.7 percent.
