Hawaii Employees' Retirement System, Honolulu, approved $40 million total in real estate commitments pending legal review and final due diligence, said Vijoy Chattergy, chief investment officer.
The $14.1 billion pension fund committed $20 million to CBRE Strategic Partners U.S. Value 7, a value-added real estate fund managed by CBRE Global Investors.
The pension fund previously committed $20 million and $50 million, respectively, to predecessor funds CBRE Strategic Partners U.S. Value 6 and CBRE Strategic Partners U.S. Value 5.
The pension fund also committed $20 million to ISQ Global Infrastructure Fund, which targets global infrastructure assets within the energy, utilities and transportation sectors and is managed by I Squared Capital. The commitment will fall under the pension fund's opportunistic real estate allocation.
The pension fund has a 7% target allocation to real estate.