Pennsylvania Public School Employees’ Retirement System (PSERS) has backed Graceada Partners for the first time, committing to the manager’s US real estate fund.
The pension fund disclosed in a board meeting document that it has made a $90m (€77.3m) commitment to Graceada Partners Fund IV.
Fund IV, Graceada’s first institutional fund, invests in value-add workforce housing and multi-tenant industrial assets in the Western US.
Pennsylvania PSERS said Fund IV’s differentiated strategy has driven strong investor interest, pushing its commitment pipeline beyond the $400m hard cap.
Graceada is expected to make a co-investment into the fund equivalent to 1% of the total commitments.
The targeted returns for the fund are net internal rate of returns of 17% with a 2.0x net multiple.
Graceada declined a request for comment.
Pennsylvania PSERS has $262m of capital available for real estate investment in 2025.
So far this year, its only other real estate commitment was €75m into the Realterm European Logistics Fund II fund.
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