Pennsylvania Public School Employees’ Retirement System (PSERS) has committed $125m (€111.8m) to a US grocery-anchored shopping centre fund managed by Sterling Organization.
PSERS disclosed in board meeting documents that it committed the capital to Sterling United Properties I.
The core-plus vehicle has a target capital raise of $600m and a hard cap of $850m.
Sterling has secured a seed portfolio that will account for roughly 40% of the fund’s anticipated allocation.
The fund will predominantly target grocery-anchored assets in dense, supply-constrained infill markets, aiming for net internal rate of returns between 10% and 11.5%.
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