Dallas/Fort Worth International Airport committed a total of up to $20 million in pension plan assets to two real estate funds, said Michael Phemister, vice president of treasury management.
The airport board committed up to $10 million each to the Dune Real Estate Fund III, an opportunistic real estate fund managed by Dune Real Estate Partners and Pennybacker III, a Texas-focused value-added real estate fund managed by Pennybacker Capital Management.
These are first-time commitments by the airport funds to the managers.
The commitments will bring the pension funds' real estate allocation closer to its 10% target. Before the commitments, the allocation was 4.1%.
DFW Airport oversees two pension funds with a combined $525 million in assets — General Employees of Dallas/Fort Worth International Airport Retirement Plan and Department of Public Safety Retirement Plan.