PennSERS approves $25m commitment

The US public pension has backed a residential-focused fund.

Pennsylvania State Employees’ Retirement System has approved a $25 million commitment to Mesirow Financial Real Estate Value Fund III to focus on multi-family residential real estate properties in the US. The investment will be funded from cash, subject to successful completion of contract negotiations.

The $26 billion US public pension has a 12 percent target allocation to real estate that is currently at 11.7 percent.

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