Newport News (Va.) Employees’ Retirement Fund committed $15 million to Berkeley Partners Value Industrial Fund VI.
The $1 billion pension fund’s board approved the commitment to the value-added real estate fund at its May 30 meeting, recently released meeting minutes show.
It is the pension fund’s first commitment to a fund managed by Berkeley Partners.
As of June 30, 2023, the most recent data available, the pension fund’s actual allocation to real estate was 4.7%; the target is 7%.
Investment consultant Meketa Investment Group assisted.
