Searches and Hires

Ann Arbor Employees targets $8 million for Carlyle real estate fund

City of Ann Arbor (Mich.) Employees' Retirement System committed $8 million to Carlyle Realty Partners VIII.

The opportunistic real estate fund, managed by Carlyle Group, will focus investment primarily in single-transaction deals in office, residential, senior living, hotel and retail properties in the U.S.

As of June 30, Ann Arbor ERS had a total of $35.7 million — about 7% of plan assets — invested in real estate. The policy target to real estate is 9%, according to an investment report. The $493 million pension fund made the commitment July 20, according to meeting minutes.

Wendy Orcutt, executive director, could not immediately be reached for further information.