State Universities Retirement System commits $30m to real estate

The $28.3 billion State Universities Retirement System (SURS) has committed $30 million to the global Dune Real Estate Fund IV, managed by Dune Real Estate Partners.

Opened in March 2017, the equity fund is looking to raise $1.25 billion to invest in debt, industrial, mutifamily, retail and distressed properties.

According to an SEC Form D, the fund had already raised $621 million from 43 investors when it launched last September.

The limited partnership vehicle’s predecessor, Dune Real Estate Fund III held a final close in October 2014 at $960 million, exceeding its target of $850 million.

SURS also invested $100 million in that fund, and $40 million in its earlier iteration, Dune Real Estate Fund II.

The pension fund has a 10 percent target allocation to real estate, with a 9.4 percent actual allocation. The real estate portfolio is comp