Philadelphia Board of Pensions decreases multifamily allocation

The US public pension's exposure to multifamily investments is at 18%.

City of Philadelphia Board of Pensions & Investments announced its plans to decrease its exposure to multifamily investments due to being over-weighted in this sector. Subsequent investments will limit exposure in this area by targeting the core open-ended market, focusing on US industrials.

The $5 billion US public pension has a 3 percent target allocation to real estate that currently stands at 3.3 percent.

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