Hawaii Employees' Retirement System, Honolulu, committed $25 million to the Angelo Gordon Core Plus Realty Fund III and $20 million to the Prudential Senior Housing Partnership Fund IV, confirmed Rod June, chief investment officer of the $10.7 billion system.
It is the fund's first real estate investment with Prudential. It previously committed $50 million to the Angelo Gordon Core Plus Realty Fund II, Mr. June said in a telephone interview.
Real estate consultant Courtland Partners assisted with the internal search. The approvals are subject to the finalizing of legal documents, Mr. June said.
The fund had an 8.5% allocation to real estate as of Sept. 30.