Pennsylvania Public School Employees' Retirement System, Harrisburg, approved two new commitments totaling up to $500 million.
The $69.9 billion pension fund's board at its meeting Friday approved commitments of up to $300 million to Brookfield Strategic Real Estate Partners V, an opportunistic real estate fund managed by Brookfield Asset Management, and up to $200 million to TCI Real Estate Partners Fund IV, a real estate debt fund managed by TCI Fund Management, according to a list of approved resolutions posted on its website.
The pension fund previously committed $300 million to Brookfield Strategic Real Estate Partners IV in 2021 and $400 million to TCI Real Estate Partners Fund III in 2018.
The TCI commitment is being allocated to the pension fund's private credit asset class.
As of March 31, PennPSERS' actual allocations to private real estate and private credit were 8% and 7.4%, respectively; their respective targets are 7% and 6%.
Private credit and private real estate consultant Aksia assisted.