The Employees' Retirement System of Rhode Island (ERSRI) has proposed a $25 million commitment to the open-end AEW Essential Housing Fund (AEW EHF) on behalf of its core real estate allocation.
AEW EHF will focus on housing that is affordable for middle- to low-income renters. ERSRI said this is a subsector of the residential market that has historically exhibited more cycle-resiliency and income stability than the traditional class A multifamily segment.
ERSRI’s core real estate allocation seeks to earn returns through investments in a diversified set of substantially leased income-producing properties. The pension fund’s core real estate allocation is currently composed of three open-end core funds, including AEW Core Property Trust.
ERSRI made an initial commitment of $35 million to AEW’s c
