Alaska Retirement Management Board (ARMB) has awarded $100m (€87.8m) commitments each to three core open-ended real estate funds, according to sources familiar with the matter.
The allocations were awarded to the Principal US Property Account, AEW Core Property Trust and TA Core Property Fund.
The three vehicles, alongside the Morgan Stanley Prime Property Fund, were the finalists in a core open-ended search conducted by ARMB and its investment consultant, Callan.
The pension fund last conducted a search for core open-ended strategies in 2021.
Principal’s US Property Account, which invests across industrial, residential, retail and office sectors, holds a net asset value (NAV) of $7.7bn, according to board meeting documentation.
The AEW Core Property Trust holds an NAV of $6.5bn. The fund maintains a heavy tilt towards industrial and multi-family assets, which together account for 79% of its portfolio, alongside allocations to grocery-anchored retail, medical office and data centres.
Alaska Retirement also recently completed a core-plus open-ended manager search, naming the Harrison Street Core Property Fund and the Principal Enhanced Property Fund as finalists.
For the current fiscal 2027 year, ARMB plans to commit approximately $100m across two to three non-core real estate funds.
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