Pennsylvania State Employees’ Retirement System, Harrisburg, committed up to $100 million to IPI Partners III-A, a real estate fund that acquires and operates core-plus, value-added and build-to-suit data centers.
The retirement system’s board approved the commitment for its $36.4 billion defined benefit plan at its June 18 meeting, a news release said.
IPI Partners is a joint venture between real assets firm Iron Point Partners and ICONIQ Capital, Mark Zuckerberg's family office. It is the pension fund's first commitment to the joint venture.
As of March 31, the pension plan’s actual allocation to real estate was 6.3%; the target is 7%.
