The Utah State Retirement System, Salt Lake City, has made a tender offer to buy out fellow pension fund investors in the Metric Institutional Apartment Fund, a closed-end real estate limited partnership fund with assets of $80 million to $85 million.
The offer expires tomorrow. Utah has a 20% stake in the fund. One of the 12 other pension fund investors already has accepted the offer - the Employees' Retirement Fund of the City of Fort Worth, Texas. The largest investor, with 28%, is the Pennsylvania State Employes' Retirement System; it has not made a decision.
Ronald E. Zuzack, executive vice president and CIO of Metric, said Utah's bid was 99.2% of net asset value as of June 30. He said the current net asset value is about $85 million.