Phoenix City Employees' Retirement System committed $20 million to American Landmark Fund IV.
The $3.4 billion pension fund's board approved the commitment to the value-added real estate fund focused on multifamily residential investments at its Sept. 7 meeting, said Greg Fitchet, investment officer.
The pension fund previously committed $30 million to American Landmark Fund III in 2021.
As of June 30, the actual allocation to real estate was 14.5%; the target is 12%.
