South Carolina Retirement System commits $100m to real estate fund

The $40.6 billion South Carolina Retirement System Investment Commission (SCRSIC) has committed $100 million to Brookfield Strategic Real Estate Partners V (BSREP V).

BSREP V, managed by Brookfield, is seeking to raise $15 billion and will invest opportunistically in a diverse, global and unconstrained range of real estate assets.

Connor Teskey, president at Brookfield, sounded an optimistic tone in the company’s latest quarterly earnings call, saying, “Underlying fundamentals are actually quite strong across almost all major real estate asset classes. What there is simply a shortage of is capital, and this is one of the key things that our large-scale fund strategy can provide. So the overarching message has certainly been that this is the perfect time for opportunistic real estate.”

As of June 30, SCRSIC had 9.2 percent ($3.72 billion) of its portfolio invested in real estate. SCRSIC invested $100 million into Brookfield’s BSREP IV in September 2021.