Pennsylvania PSERS approves $100m commitment to Exeter Industrial Value Fund V

The US public pension has backed Exeter Property Group's fifth series value-add real estate vehicle.

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Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $55.78bn
Allocation to alternatives: 34.90%
Bitesize: $50-100m

Pennsylvania Public School Employees’ Retirement System has agreed to commit $100 million to Exeter Industrial Value Fund V, according to the pension’s latest meeting minutes.

PSERS has an existing relationship with Exeter Property Group, having previously committed $100 million to the firm’s Industrial Core Fund III in April 2019.

The $55.78 billion US public pension has an 8.0 percent target allocation to private real estate that currently stands at 8.3 percent.

As illustrated in the charts below, PSERS has made six commitments to private real estate funds with a 2019 vintage, which combined constitute $550 million.

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