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October 11, 2017 01:00 AM

St. Louis Public School plan pledges $8 million for real estate fund

Rob Kozlowski
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    St. Louis Public School Retirement System committed $8 million to ElmTree U.S. Net Lease Fund III, a value-added real estate fund managed by ElmTree Funds, said recently released board meeting minutes.

    The $866 million pension fund conducted a shortlist search for a value-added real estate manager in the summer. The other finalist was GreenOak Real Estate.

    The pension fund's real estate target is 7%; as of July 31, the actual allocation was 6.2%.

    Separately, the pension fund terminated Holland Capital Management from a $33 million active domestic large-cap growth equity portfolio, as a result of that firm's announcement it plans to close in the coming months, according to board minutes. Assets were set to be moved to a passive domestic large-cap core equity portfolio managed by Mellon Capital Management, giving it $38 million. Whether the pension fund plans to search for an active manager to replace Holland could not be immediately learned.

    Andrew Clark, executive director, did not return a phone call seeking further information.

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