Sioux Falls (S.D.) Retirement Systems committed $8 million to Principal Enhanced Property Fund, an open-end non-core real estate fund, said recently released board meeting minutes.
The $398 million pension fund’s board approved the commitment of 2% of its assets to the fund managed by Principal Real Estate Investors at its meeting Aug. 17.
The pension fund’s target allocation to real estate is 5%. As of June 30, the actual allocation was 6.6%. The pension fund’s sole real estate manager as of that date was Prudential Real Estate Investors, with a $26.4 million portfolio.
Thomas Huber, the city’s assistant director-finance, could not be immediately reached to provide further information.
