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Penn SERS approves $50m commitment

The US public pension has backed a North American real estate fund.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $26.99 billion
Allocation to alternatives: 24.4%

Pennsylvania State Employees’ Retirement System has agreed to commit $50 million to Rubicon First Ascent, the pension’s October 2020 monthly report states.

The $26.99 billion US public pension has a 12 percent target allocation to real estate that currently stands at 7.6 percent.

As illustrated below, the pension fund’s recent commitments are to funds focused on the residential, office and industrial sectors within the Europe and North America regions.

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