Kansas Public Employees Retirement System has increased its exposure to the Heitman America Real Estate Trust commingled fund with a new $150m (€129.8m) commitment, according to the pension fund’s recent board meeting notes.
The commingled fund has an open-ended investment structure and only invests in core assets. Heitman did not respond to an email seeking comment.
This new investment will be the third time the pension fund has invested in the Heitman fund.
The relationship began in 2012 with a $75m commitment and was then expanded with a $50m commitment in 2014.
The commingled fund has been a strong performer for Kansas PERS. Since inception, the investment has produced a net IRR of 6.4%, according to the pension fund. The only other core open-ended fund with a better return for the pension fund was the Prime Property Fund with a 6.6% net IRR.
The pension fund has placed the value on its investment in Heitman America at $168.5m through June of last year. This investment represents 8% of the limited partner’s $2.1bn core real estate portfolio.
The new commitment by Kansas PERS is the first new real estate commitment for this year. It will represent all the capital the pension fund had allocated for core investing during the 2026 calendar, according to its real estate pacing plan that was established in November of 2025.
The pension fund has $350m allocated for non-core commitments for 2026.
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