Pennsylvania State Employees' Retirement System, Harrisburg, committed $25 million to Mesirow Financial Real Estate Value Fund III, a multifamily residential real estate fund, confirmed Pamela Hile, spokeswoman for the $29 billion pension plan.
The investment will be funded from cash subject to successful completion of contract negotiations.
Also at its April 6 board meeting, PennSERS named Terrill J. Sanchez as the system's executive director. She replaced David Durbin, who retired in January.
Ms. Sanchez was deputy executive director at the $56 billion Pennsylvania Public School Employees' Retirement System, Harrisburg. No decisions have yet been made for filling her role, said PennPSERS spokeswoman Evelyn Williams in an email.
Also, the fund earned returned 15.1% net of fees on investments for the year ended Dec. 31. Returns by asset class were 24.1% global equities, 12.8% private equity, 4.9% hedge funds, 4.7% fixed income, 2% real estate, and 1.5% cash.