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POBA approves $120m commitment

The South Korean public pension has backed a US core housing development fund.

Institution: Public Officials Benefit Association
Headquarters: Seoul, South Korea
AUM: KRW12.23trn
Allocation to alternatives: 54.6%
Bitesize: $100-200m

Public Officials Benefit Association has approved a $120 million commitment to JPMorgan US Single Family Fund, a contact at the pension confirmed with PERE.

The Korean public pension currently allocates 28.3 percent of its investment portfolio to real estate, with an undisclosed target allocation.

As illustrated below, POBA has made four commitments to real estate funds with a 2019 or 2020 vintage, which target a range of sectors across North America and Europe.

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