Trenton (Mich.) City Fire and Police Retirement System committed a total of $2.5 million to two real estate funds, recently released board meeting minutes from the $52 million pension plan show.
The board agreed to commit $1.25 million each to PRISA II, an open-end value-added real estate fund managed by PGIM Real Estate and Principal Real Estate Investors, subject to satisfactory legal review of documents. The commitments were made at an April board meeting on the recommendation of investment consultant AndCo Consulting. The name of the Principal fund was not provided.
As of March 31, the plan had a target asset allocation of 5% to real estate and an actual allocation of 3.5%.
Plan Secretary Karen Sall could not be reached for comment.