St. Louis Public School Retirement System committed $8 million to ElmTree U.S. Net Lease Fund III, a value-added real estate fund managed by ElmTree Funds, said recently released board meeting minutes.
The $866 million pension fund conducted a shortlist search for a value-added real estate manager in the summer. The other finalist was GreenOak Real Estate.
The pension fund's real estate target is 7%; as of July 31, the actual allocation was 6.2%.
Separately, the pension fund terminated Holland Capital Management from a $33 million active domestic large-cap growth equity portfolio, as a result of that firm's announcement it plans to close in the coming months, according to board minutes. Assets were set to be moved to a passive domestic large-cap core equity portfolio managed by Mellon Capital Management, giving it $38 million. Whether the pension fund plans to search for an active manager to replace Holland could not be immediately learned.
Andrew Clark, executive director, did not return a phone call seeking further information.