El Paso County Retirement Plan, Colorado Springs, Colo., committed $16 million to Principal Real Estate Debt Fund, managed by Principal Real Estate Investors, said Tom Pfeifle, executive director.
The $314 million pension fund conducted a shortlist search assisted by its investment consultant, Watershed Investment Consultants. The other finalist was Heitman.
Separately, the pension fund is liquidating its direct hedge fund investment in GAM U.S. Institutional Trading II, worth about $12 million. The assets will be parked in cash until the pension fund decides whether to switch to hedge funds of funds or go in another direction.
A decision will be made after Watershed presents the results of an asset allocation study at the April 21 board of trustees meeting.
