Arizona Public Safety Personnel Retirement System, Phoenix, made new commitments totaling up to $133 million, said Christian Palmer, pension fund spokesman, in an email.
The $9.6 billion pension committed up to €50 million ($61 million) directly and up to €10 million for co-investments to real estate fund Benson Elliot Real Estate Partners V or its affiliates in the Bensell US Feeder V-B fund, managed by Benson Elliot Capital Management. PSPRS previously committed €35 million directly and €20 million in co-investments to Benson Elliot Real Estate Partners IV in October 2015, with a follow-on commitment of up to €15 million to Benson Elliot Real Estate Partners IV-Bensell U.S. Feeder IV-B in July 2016.
As of Dec. 31, the actual allocation to real estate was 9%.
The pension fund also committed up to $40 million directly and $20 million in co-investments to Trustbridge Partners VI, a private equity fund targeting technology, consumer services and products, health-care and media companies in China. PSPRS previously committed up to $40 million to Trustbridge Partners V in November 2014.
As of Dec. 31, the actual allocation to private equity was 13.1%.
All commitments are subject to final staff and legal due diligence.