Pennsylvania Public School Employees' Retirement System, Harrisburg, committed $100 million to Exeter Industrial Value Fund V, a value-added real estate industrial fund managed by Exeter Property Group.
The board approved the commitment at its Oct. 11 meeting, according to documents from the $59.1 billion pension plan's website.
PennPSERS has previously committed to five investment funds managed by Exeter.
In September, PennPSERS posted a net return of 6.68% for the fiscal year ended June 30, below its benchmark of 7.25%.
The board agreed in August to increase its allocation to public real estate to 2% from 1%, and reduce private real estate to 8% from 9%. The changes went into effect Oct. 1.
In addition, the state pension system also announced Oct. 10 that it netted $1.44 billion in profits from its private markets holdings in 2018. PennPSERS posted a 9.1% return on $8.2 billion in private equity, private real estate and private credit assets.
