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St. Louis County Retirement Plan commits $31m to real estate

by Andrea Waitrovich

St. Louis County Retirement Plan has committed $31 million to value-added fund PRISA III, managed by PGIM Real Estate. The fund makes both equity and debt investments in all major property types, REOCs, joint ventures, and other real estate–related investment vehicles, including REITs, although the main focus will be office, retail and apartment properties. The fund may also engage in mezzanine financings. The fund seeks to take advantage of market opportunities and capital inefficiencies without specific diversification targets or restrictions on investment structures, property types or locations. Recently, the St. Louis County Retirement Plan board voted to increase the $613 million pension fund’s real estate allocation to 15 percent from 10 percent.

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