Mississippi Public Employees' Retirement System, Jackson, committed $50 million to Westbrook Real Estate Fund XII, a spokeswoman for Mississippi PERS confirmed in an email.
The commitment to the opportunistic real estate fund managed by Westbrook Partners was made at a board meeting April 26.
The pension fund previously committed $75 million to Westbrook Real Estate Fund XI in 2019 and $50 million to Westbrook Real Estate Fund X in 2015, according to board meeting materials.
As of March 31, the $31.2 billion pension fund had 10.4% of its portfolio allocated to real estate. Its target allocation is 10%.
The board also hired Sit Investment Associates as its short-duration fixed-income manager on the recommendation of the investment committee, which conducted a search in collaboration with Callan, said Charles Nielsen, the pension fund's CIO, in a memo that was part of the meeting documents.
The amount Sit will manage was not available.
"Through a combination of quantitative and qualitative analysis, we were able to narrow the field down from hundreds of managers to about 10 to 15," Mr. Nielsen said in the memo, adding that Sit Investment "consistently rose to the top."
Mr. Nielsen noted that Sit Investment had the highest Sharpe ratio and information ratio among its peers for the five years ended Dec. 31 and that its returns were in the top quintile in five of the past 10 calendar years.
