Georgia Peace Officers' Annuity and Benefit Fund, Griffin, committed $40 million to AEW Core Property Trust, an open-end core commingled real estate fund managed by AEW Capital Management, said Robert W. Carter, secretary-treasurer.
It is the $803 million pension fund's first real estate commitment, Mr. Carter said.
The pension fund also hired Lord Abbett & Co. to run an $11 million ultrashort-duration fixed-income portfolio.
The commitment and hire were funded by the termination of Lazard Asset Management's $51 million global balanced portfolio. Mr. Carter said the portfolio was terminated because the pension fund wanted to move out of global assets.
Investment consultant Graystone Consulting assisted.