Chicago Policemen's Annuity & Benefit Fund committed $10 million to Mesirow Financial Real Estate Value Fund III during a board of trustees meeting March 2.
The $2.7 billion pension fund previously invested in the first fund in the series managed by Mesirow Financial in 2012, confirmed Aoifinn Devitt, chief investment officer, in an email.
The market value of the investment in the earlier vintage Mesirow real estate fund totaled $8 million as of Sept. 30, a performance report from NEPC, the fund's investment consultant, showed.
CPABF has a 5% target allocation to real estate and as of Sept. 30, the actual allocation was 2.7%.
