Hawaii Employees' Retirement System, Honolulu, committed up to $60 million total to two real estate funds pending final business and legal reviews, said Howard Hodel, acting chief investment officer of the $16.3 billion pension fund, in an email.
The pension fund committed up to $40 million to BlackSand Capital Opportunity Fund II, a real estate fund, and up to $20 million to Fortress Japan Opportunity Fund IV, a real estate fund managed by Fortress Investment Group. The pension fund previously committed $20 million and $40 million total to other BlackSand and Fortress Investment funds, respectively.
The pension fund has a 5% target to core real estate and a 4.5% target to non-core real estate.
