North Carolina Retirement Systems is planning to make three real estate commitments worth $800m (€741.2m).
The $130bn pension fund disclosed in a board meeting document that it is conducting due diligence on the prospective real estate commitments, which include a $300m private core investment to a new separate managed account and a $200m value-add investment to an existing separate account.
As of February 2025, North Carolina Retirement’s non-core real estate portfolio was valued at $2.1bn, representing 1.59% of the pension fund’s entire assets. The target allocation for non-core real estate is set at 3% of the pension fund’s total assets.
The target allocation for core real estate is set at 5%. North Carolina Retirement’s current core real estate portfolio is valued at $6.3bn or 4.84% of the total plan assets.
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