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POBA approves $220m commitment

The South Korean public pension has backed a real estate SMA vehicle.

Institution: Public Officials Benefit Association
Headquarters: Seoul, South Korea
AUM: 16.36 trillion Korean won
Allocation to alternatives: 58.1%

Public Officials Benefit Association has committed around 249.4 billion Korean won ($220.5 million; €184.8 million) to IGIS Global Europe Core Private Placement Real Estate Investment Trust No. 89, a contact at the pension confirmed to PERE. It is a separate managed account managed by IGIS Asset Management that will invest in core and core-plus assets in Western and Central Europe.

As illustrated below, POBA’s recent fund commitments have targeted core strategy in North America and Europe. The South Korean pension currently allocates 29.7 percent of its full investment portfolio to private real estate.

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