Jacksonville (Fla.) City Retirement System committed $40 million to Prudential Real Estate Investors’ PRISA II fund, said Joey Greive, chief investment officer.
The $2 billion pension fund made the commitment to the open-end core-plus real estate fund to create some more diversification as well as use assets from the equity gains of the past three to five years, Mr. Greive said.
The pension fund has two existing real estate managers, Principal Real Estate Investors and UBS Realty Investors. Both manage core strategies.
Investment consultant Summit Strategies assisted.