Indiana Public Retirement System, Indianapolis, committed $50 million to the Rockpoint Growth and Income Real Estate Fund II, a value-added real estate fund managed by Rockpoint Group.
The pension fund has a 6.45% actual allocation to real estate.
The $30.4 billion retirement system also made a direct commitment of up to $13 million to Buildium, a software developer for real estate properties. The investment is categorized under INPRS' 13.3% private equity allocation.
Separately, the board on Friday approved changes to its investment policy that will increase the time between asset-liability studies to five years from three years and combine the pension fund's private equity and private credit allocations into a private markets asset class.
Scott Davis, chief investment officer, had said at the board's Nov. 4 meeting that increasing the time between studies will allow an asset allocation to be more fully implemented and investment results to be better assessed.
The pension fund's 4% private credit target suballocation, now listed under its 20.8% ex-inflation-linked fixed-income target, would be combined with its 10% private equity target allocation to create a 14% private markets asset class. Mr. Davis said the characteristics of private credit investments correspond better with private equity.