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Almanac real estate fund to get up to $150M investment from Pa. pension fund

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Almanac real estate fund to get up to $150M investment from Pa. pension fund

Almanac Realty Investors' eighth fund is receiving an investment of as much as $150 million from the Pennsylvania Public School Employees' Retirement System, IPE Real Assets reported.

The investment is meant to help the pension fund achieve its real estate allocation, the publication noted, citing a board meeting report.

For the Almanac Realty Securities VIII fund, Almanac Realty Investors will provide growth capital for private and public real estate companies, mainly in the U.S., particularly those with competitive advantages and that are focused on generating recurring cash flows. The fund has a net return target of 12% to 14%, IPE noted.

Almanac Realty Investors did not comment on the matter, according to the report.