Massachusetts Pension Reserves Investment Management Board (Mass PRIM) plans to continue making real estate investments directly as well as through its separate account managers, the pension fund said as it outlined its 2023 investment plan.
The pension fund said in a meeting document that it will keep on making direct investments through its internal real estate investment management strategy. The long-range goal for the internally managed programme is to reach 15% of the pension fund’s total real estate portfolio.
The plan for investing via separate account managers includes taking capital out of the pension fund’s real estate investment trust portfolio, selling properties from its existing portfolio, and making use of the pension fund’s internal real estate financing facility.
Mass PRIM also plans to continue with its emerging and diverse manager programme. Last year as part of the programme, the pension fund approved a $20m commitment to Adelante Capital Management and a $15m commitment to Osso Capital’s Osso Multifamily Fund II fund.
The pension fund did not indicate the amount of capital that will be allocated for real estate for this year.
Mass PRIM made 17 real estate transactions in 2022 worth $1.8bn (€1.7bn) in total.
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