Phoenix City Employees' Retirement System committed $30 million each to Northwood Real Estate Partners Series V, a non-core real estate fund managed by Northwood Investors, and Real Estate Capital Asia Partners IV, an opportunistic non-core real estate fund managed by SC Capital Partners, said Greg Fitchet, investment officer.
The $2.2 billion pension fund previously committed $20 million to Northwood Real Estate Partners Series IV in November 2013. It committed $20 million in 2011 and $9 million in 2008 to Real Estate Capital Asia Partners III and II, respectively.
Separately, the board of trustees at its Oct. 16 meeting approved staff and investment consultant RVK's recommendation to remain in its two Pacific Investment Management Co. portfolios: $173 million in the PIMCO All Asset mutual fund portfolio, and $151 million in a PIMCO Total Return separate account.
Mr. Fitchet said in an e-mail that the portfolios “will be monitored closely and a follow-up memo will be done in three to six months to review PIMCO investment staff stability and asset flows.”