Phoenix City Employees' Retirement System made two new commitments to value-added real estate funds totaling up to $50 million.
The $3.4 billion pension fund's board approved commitments of up to $25 million each to Focus Senior Housing Fund II, managed by Focus Healthcare Partners, and Hammes Partners IV at its Dec. 2 meeting, said Greg Fitchet, investment officer, in an email.
The pension fund previously committed up to $25 million each to Focus Senior Housing Fund I and Hammes Partners III, both in 2017.
As of Nov. 30, the pension fund's actual allocation to real estate was 13.3% and the target, 12%.
Real estate consultant Aksia assisted.