Washington pension commits up to $12m to real estate
The $275 million Spokane (Wash.) Employees’ Retirement System has made two commitments to real estate funds totaling up to $12 million, according to spokesman Phillip Tencick. The pension fund committed $5 million to Morrison Street Debt Opportunities Fund, a closed-end real estate fund managed by Morrison Street Capital. The fund will invest in U.S. mezzanine debt properties. The pension fund has made commitments to two previous Morrison Street funds, including $7 million to Morrison Street Fund V in 2014 and $6 million to the Morrison Street Fund IV in 2012. The pension fund also committed $5 million to $7 million to Prime Property Fund, an open-end core real estate fund managed by Morgan Stanley Investment Management. It is the first time the pension fund has committed to a Morgan Stanley real estate fund. The pension fund has a target allocation to real estate of 10 percent.