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Sign in Sign up for a FREE subscriptionSt. Louis Public School Retirement System invests $8m to ElmTree
The $866 million St. Louis Public School Retirement System committed $8 million to ElmTree U.S. Net Lease Fund III, a value-added real estate fund managed by ElmTree Funds, said recently released board meeting minutes.
ElmTree launched its third net lease fund last October. A fundraising target was not disclosed in its SEC filing.
The pension fund’s real estate actual allocation is 6.2 percent with a 7 percent target as of July 2017.
ElmTree U.S. Net Lease Fund III’s predecessor ElmTree Net Lease Fund II closed in 2014 with $325 million, exceeding its $300 million target. ElmTree Net Lease Fund II is the firm’s sixth net lease fund.
In 2015 it closed with just under $1 billion in total assets, which included 56 properties across 26 states with a total of 6.6 million square feet. About half those properties are industrial, while 31 percent are office and 12.5 percent are medical.
In May 2017 ElmTree Funds completed a $950 million recapitalizat