St. Louis Public School Retirement System committed $5 million to ElmTree U.S. Net Lease Fund IV.
The $911 million pension fund's board approved the commitment to the value-added real estate fund managed by ElmTree Funds at its Feb. 22 meeting, said Susan Kane, executive director.
The pension fund previously committed $8 million to ElmTree U.S. Net Lease Fund III in 2017.
As of Feb. 28, the actual allocation to real estate was 5.7%; the target is 7%.
Investment consultant NEPC assisted.