Pennsylvania Public School Employees' Retirement System, Harrisburg, approved two new value-added real estate commitments totaling up to $265 million.
The $69.2 billion pension fund's board at its Dec. 16 meeting approved commitments of up to $150 million to Bell Value-Add Fund VIII, managed by Bell Partners, and up to $115 million to AG Europe Realty Fund IV, managed by Angelo Gordon & Co., spokeswoman Evelyn Williams said in an email.
PennPSERS previously committed $100 million each to Bell Institutional Fund VII and AG Europe Realty Fund III, both in 2019.
As of Aug. 31, the actual allocation to real estate was 8.6%; the target is 7%.
