St. Louis County hires PGIM Real Estate after boosting allocation

St. Louis County Retirement Plan, Clayton, Mo., hired PGIM Real Estate to run $31 million in its PRISA III value-added fund, recently released board meeting minutes show.

The board voted May 25 to increase $613 million pension fund's real estate allocation to 15% from 10%, by eliminating the 5% target to hedge funds. Further information on the pension fund's hedge fund investments was not immediately available.

Investment consultant Summit Strategies Group assisted.

Susan Daniels, retirement plan administrator, could not be immediately reached to provide comment.