Investors - FEBRUARY 9, 2015

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South Dakota commits to high-yield real estate

by Reg Clodfelter

The South Dakota Investment Council, which manages $13.0 billion for the state of South Dakota, has committed $125 million to Rockpoint Real Estate Fund V from the $10.6 billion South Dakota Retirement System, according to recently released board minutes. SDIC will also commit an adjusted proportionate amount from the $256.7 million School and Public Lands Fund, the $302.4 million Dakota Cement Trust, the $503.3 million Education Enhancement Trust and the $136 million Health Care Trust.

Fund V is reportedly seeking a $2.5 billion haul, larger than its predecessor, which had a final close in 2014 after raising $1.95 billion to invest in distressed assets, with 80 percent of its capital directed at the United States, particularly Boston, Northern and Southern California, and Washington, D.C., and 20 percent going to international investments. When investing internationally, the opportunistic fund targets major coastal markets in Japan and Western Europe. 

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