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South Carolina ups allocations to 3 real estate funds

South Carolina Retirement System Investment Commission, Columbia, approved increasing the allocations to three existing core and core-plus real estate managers within the $31.1 billion South Carolina Retirement Systems' investment portfolio, spokeswoman LaJoia Broughton said in an email.

At its Thursday meeting, the commission authorized increasing its allocation to the Morgan Stanley (MS) Prime Property Fund to up to 3% of plan assets, or to $933 million from its previous $400 million; Blackstone Property Partners, up to 2% of assets, or $622 million from $300 million; and Heitman Core Real Estate Debt Income Trust, up to 1.25% of assets, or $389 million from $200 million.

These changes follow the commission's decision to increase the systems' target real estate allocation to 9% from 8% in July.

The RSIC manages the assets of South Carolina's state pension funds on behalf of the South Carolina Public Employee Benefit Authority, Columbia.