Louisiana Teachers' Retirement System, Baton Rouge, committed up to $150 million to Brookfield Strategic Real Estate Partners V.
At its Dec. 1 board meeting, the $24.1 billion pension fund disclosed the commitment to the global opportunistic real estate fund managed by Brookfield Asset Management, said spokeswoman Michelle Millhollon.
The pension fund has previously invested in a $200 million global real estate investment trust portfolio managed by Brookfield. In 2022, the pension fund put the portfolio up for bid due to its contract expiration; Brookfield did rebid for the services, and the board ultimately selected Cohen & Steers to replace the manager.
As of Oct. 31, the pension fund's actual allocation to real estate was 12%; the target is 15%.
