Pennsylvania Public School Employees Retirement System (PSERS) has increased its private real assets target allocation from 11% to 12%.

Within the real assets portfolio, the pension fund has recently approved a $300m commitment each to the Brookfield Strategic Real Estate Partners IV fund and to Brookfield Global Transition Fund (BGTF), a fund focused on the global transition to a net-zero economy.

Brookfield is seeking a $17bn capital raise for Partners IV, a global opportunistic real estate fund which will be investing in a mixture of properties and real estate operating companies. BGTF seeks to raise $7.5bn and has a $12.5bn hard cap.

The commitment to BGTF represents the pension fund’s first new commitment for infrastructure this year. 

PSERS had set a pacing plan for infrastructure at $400m to $600m for 2021.

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