Chelsea (Mass.) Retirement System committed $3 million to the direct real estate fund run by the $32 billion Massachusetts Pension Reserves Investment Trust, Boston, according to Doug Steele of CRA RogersCasey, Chelsea's investment consultant. Trustees at the $38 million plan selected the PRIT fund for its low fees and good liquidity, Mr. Steele said. Funding came from rebalancing.
The plan's asset allocation is 65% equity, 27.5% fixed income and 7.5% real estate.