Baltimore City Fire & Police Employees' Retirement System approved three real estate commitments totaling $45 million.
The $3.5 billion pension fund’s board approved commitments of $15 million each to Madison International Real Estate Liquidity Fund IX, a core fund managed by Madison International Realty; Sculptor Real Estate Fund V, an opportunistic fund managed by Sculptor Capital Management; and Starwood Distressed Opportunity Fund XIII, an opportunistic fund managed by Starwood Capital Group, at its Sept. 17 meeting, spokeswoman Amy Baskerville said.
As of Sept. 30, the actual allocations to noncore real estate and core real estate were 5.6% and 4%, respectively; their respective targets are 7% and 4%.
Investment consultant NEPC assisted.
