Pennsylvania Public School Employees Retirement System (PSERS) has made two new fund commitments totalling $350m (€301.2m), targeting a real estate strategy managed by DRA Advisors and an infrastructure fund managed by LS Power Equity Advisors.
The pension fund disclosed in a board meeting document that it has committed $150m to the DRA Growth and Income Fund XII and placed $200m into the LS Power Equity Partners VI fund.
DRA is seeking to raise $2.25bn for its latest diversified US value-add real estate fund focused on industrial, multifamily, retail and office assets. The manager has committed to a general partner investment equal to the lesser of 1% of total commitments or $25m.
LS Power Equity Advisors is seeking to raise $4bn for its latest energy infrastructure fund, with a general partner commitment structured at 5% of total capital, capped at $200m.
The LS Power fund will focus on acquiring and developing infrastructure assets across North America, targeting a net internal rate of return of 15%.
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