Massachusetts Pension Reserves Investment Management Board, Boston, plans to add up to $400 million to its internally managed direct property investment strategy this year, confirmed Elizabeth Herlihy, spokeswoman for the $86.9 billion pension fund.
MassPRIM made no direct property investments in 2020.
The pension fund's target allocation range for real estate is 7% to 13%. As of Dec 31, 8.3% of the pension fund, or $7.2 billion, was allocated to real estate.
The decision was made Feb. 3 at the board's real estate and timberland committee meeting.