Hampshire County Retirement System, Northampton, Mass., committed $3.5 million to the Intercontinental Fund III and $2.5 million to the Sentinel Fund VII, both closed-end real estate funds, said Mary Baronas, administrator.
The $116 million pension plan will partially fund the commitments from terminating a $3.8 million commitment to an open-end real estate fund run by Henderson Global Investors, because trustees wanted more liquidity, Ms. Baronas said. The remainder will come from investments in an L&B Realty fund and the Sentinel Fund II, both of which are closing.
Separately, trustees next month might select the plan's first REIT manager, Ms. Baronas said. The search has already been conducted, she said. The size of the REIT commitment and the funding source have not been determined.
CRA RogersCasey is assisting.