Arizona Public Safety Personnel Retirement System, Phoenix, hired Hancock Agricultural Investment Group to manage a $100 million agriculture portfolio, said Mark Steed, chief of staff and lead portfolio manager.
The $8.3 billion pension fund will work with Hancock on a customized separate account and the portfolio will be funded from cash, Mr. Steed said.
Separately, the pension fund committed up to $50 million directly and up to $20 million in co-investments to Rockbridge Hospitality Fund VII, a value-added real estate fund managed by Rockbridge Capital. The pension fund previously committed up to $40 million in direct investments and up to $20 million in co-investments to Rockbridge Hospitality Fund VI in November 2014.
The pension fund also made follow-on commitments of up to €15 million ($16.5 million) each to real estate funds Benson Elliot Real Estate Partners IV-Bensell U.S. Feeder Fund IV-B, managed by Benson Elliot Capital Management, and Patron Capital Fund V, managed by Patron Capital Advisers.
The pension fund previously committed €35 million directly and €20 million in co-investments to Benson Elliot Real Estate Partners IV in October and €35 million to Patron Capital V in August.