Hawaii ERS commits $50m

The $16.3bn US public pension reups with a North American value-added manager.

The Employees’ Retirement System of Hawaii (HIERS) reupped with Almanac Realty Investors at last Monday’s board meeting, committing $50 million to the New York-based firm’s eighth flagship vehicle, Almanac Realty Securities VIII.

Previously, the $16.3 billion US public pension allocated $40 million to Almanac VII in 2015 and $20 million to Almanac VI in 2012. These two predecessor vehicles achieved net IRRs of 11.9 percent and 15.2 percent and net multiples of 1.2 and 1.4, respectively.

Hawaii ERS has a 7% target allocation to private real estate that currently stands slightly above 5%.

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