Oregon Public Employees Retirement Fund (PERF) has made a €100m commitment to the Harrison Street European Core Fund, marking its first investment in a European real estate fund in 17 years.
The fund is expected to invest in alternative property sectors that Harrison Street is known for in the US, such as senior and student housing, self-storage and medical office assets.
Harrison Street declined a request for comment.
Oregon PERF’s commitment is one of three real estate fund commitments the pension fund disclosed in a meeting document. The remaining two commitments are a $110m investment in the Hammes Income & Growth Healthcare Fund, which is a new relationship with Hammes, and a $100m follow-on commitment to Sculptor Real Estate Fund V. Oregon PERF issued $150m to Scultptor Capital Management’s predecessor fund in 2020.
According to sources, the Hammes fund, which targets core-plus US healthcare-related properties, has an open-ended investment strategy.
The Sculptor Capital fund series is an opportunity fund focused on gaming assets, hotels and senior housing, targeting a 20% internal rate of return on a growth basis.
Both Hammes and Scultptor Capital declined a request for comment.
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