Public School Teachers' Pension and Retirement Fund of Chicago committed up to $42.5 million to two new real estate funds and one private REIT in order to fund its 5% target real estate allocation.
The fund currently has 2% of its $7 billion fund in core and opportunistic real estate investments.
The board decided at its December meeting to commit up to $20 million to Capital Associates' Limited Partnership real estate fund, up to $7.5 million in Walton Street Real Estate Fund I and up to $25 million to AMB Institutional Realty Advisors' Value Added Fund. Mercer assisted.
Additional real estate managers could be hired in the first quarter of 1997.