Kansas Public Employees Retirement System (PERS) made a $60m (鈧�55.3m) commitment to AEW Capital Management鈥檚 latest opportunistic US real estate fund.
The pension fund told 91传媒在线 that it had placed the capital into the AEW Partners Real Estate Fund X fund, but declined to comment on the fund.
Earlier this month, 91传媒在线 reported that AEW is seeking to raise $2bn for its latest opportunistic US real estate fund.
According to sources, the manager has already raised $750m prior to the commitment from Kansas PERS.
Fund X will be focused mostly on buying or developing a mixture of multifamily and industrial as well as life-science conversions. The fund is expected to invest in properties that can produce a net internal rate of return of 15%.
The commitment by Kansas PERS represents the pension fund鈥檚 first approved real estate commitment for 2023. Kansas PERS expects to invest up to $200m in non-core this year, according to the pension fund鈥檚 real estate pacing plan.
Private real estate accounts for 13% of the pension fund鈥檚 portfolio compared with an allowed range of 9% to 15%.
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