AMB Property is looking for two large institutional investors with which to co-invest on real estate purchases.
Hamid R. Moghadam, president and CEO, emphasized the REIT wants ``creative, opportunistic'' pension fund investors that can invest at least $100 million.
Each partnership will buy a total of at least $200 million or more in properties.
Erie Insurance is the first institution to sign up, committing general account assets, according to Mr. Moghadam, who would not reveal the amount.
AMB, which went public last year through the rollup of pension fund properties for which it was the institutional manager, invests in industrial properties and grocery-anchored shopping centers.
California Public Employees' Retirement System, Sacramento, as expected, approved a $100 million commitment to Alta California Partners II, an alternative investment fund that will primarily make early stage investments in life sciences and information technology companies.
At least 60% of the fund's investments are to be made in California.
The $143 billion pension fund has $4.4 billion committed to alternative investment partnerships and another $3.4 billion available for investment.
Kathy Perry was named director of equities for the Alberta Treasury Department, Edmonton, for its C$4 billion (U.S.$2.66 billion) pension funds.
Ms. Perry replaced an interim director, said Shannon Taylor, spokeswoman.
The department's last full-time director of equities was John Campbell, who left in January 1997.