Spokane (Wash.) Employees’ Retirement System made two new commitments totaling up to $12 million, said Phillip Tencick, retirement director.
The $278 million pension fund committed $5 million to $7 million to Morgan Stanley Prime Property Fund, an open-end core real estate fund managed by Morgan Stanley Investment Management. It is the first time the pension fund has committed to a Morgan Stanley real estate fund.
Also, the pension fund committed $5 million to Morrison Street Debt Opportunities Fund, a real estate fund managed by Morrison Street Capital. The pension fund has made commitments to two previous Morrison Street funds, most recently committing $7 million to Morrison Street Fund V in 2014.
Investment consultant Hyas Group assisted.