Hawaii Employees' Retirement System, Honolulu, approved $105 million total in real estate commitments and a $50 million infrastructure commitment, said Vijoy Chattergy, chief investment officer.
The $14.1 billion pension fund committed $40 million each to AG Core Plus Realty IV, a commercial real estate fund managed by Angelo, Gordon & Co. and Almanac Realty Securities VII, managed by Almanac Realty Investors. The pension fund previously committed $25 million and $20 million to predecessor funds AG Core Plus Realty III and Almanac Realty Securities VI, respectively.
The pension fund also committed $25 million to Prudential Senior Housing Partners V, managed by Prudential Real Estate Investors. The pension fund previously committed $20 million to predecessor fund Prudential Senior Housing Partners IV.
The pension fund has a 7% target allocation to real estate.
Separately, the board approved a $50 million commitment to KKR Global Infrastructure Investors II, which focuses on North America and Europe and is managed by KKR & Co. The allocation will be part of the board's overall real-return portfolio, which has a 5% target allocation. The pension fund previously committed to KKR Fund 2006.
Finally, the board formally approved placing PIMCO on watch because of the departure of William H. Gross, PIMCO's co-founder and chief investment officer. Pacific Investment Management Co. manages between $550 million and $560 million in core-plus fixed income for the pension fund.
