The Arizona Public Safety Personnel Retirement System, an $8.2 billion pension plan, committed to two private equity real estate funds Wednesday.
The investment committee for the Phoenix, Arizona-based plan allotted €35 million directly, with a reserve allocation of up to €20 million, to Benson Elliot Real Estate Partners IV.
Benson Elliot, a London-based real estate investment fund manager, has so far raised around €200 million for the vehicle which has a target of €600 million. The firm recently acquired a UK portfolio of office and retail assets for £132 million ($200 million; €178 million) earlier this month.
Arizona re-upped with Chicago-based private equity firm Walton Street Capital, investing up to $40 million, with $20 million in reserve allocations, in Walton Street Managers VIII. Arizona’s pension plan previously committed $30 million in direct and up to $20 million in co-investment capital to Walton Street Real Estate Fund VII after earlier investments in Walton Street Real Estate Fund V as well as Walton Street Mexico Fund I, according to pension plan documents.
Other investors in Walton Street Managers VIII include Maine Public Employees Retirement System, which invested $50 million, according to PERE Research & Analytics.
Walton Street held a $1.4 billion final close for its seventh fund in March 2014, shy of its original $2 billion target, despite an extended fundraising period. That firm’s investments included office transactions in New York, Boston, Chicago, Seattle and San Diego; retail in Hawaii and Denver; hotels in Chicago and San Francisco; and multifamily in the Southeast US.
Arizona Public Safety Personnel Retirement System manages about $848 million in real estate as of August 31, according to pension plan documents.