Phoenix City Employees' Retirement System committed $30 million to American Landmark Fund III, a value-added real estate fund focused on multifamily residential investments, said Greg Fitchet, investment officer, in an email.
It is the $3.1 billion pension fund's first commitment to a fund managed by American Landmark.
As of Dec. 31, the pension fund's actual allocation to real estate was 11.7%; the target is 12%.
Real estate consultant Aksia assisted.
