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SC pension fund to set aside a further $300M for real estate investments

The South Carolina Retirement System is earmarking more than $300 million of additional capital for property investments, following its decision to increase its real estate allocation to 9% from 8%, IPE Real Assets reported, citing a board meeting report.

The pension fund is also planning to increase the core weighting of its private real estate portfolio, with its core real estate allocation set to increase to 5% from 3% of total assets. The fund is cutting its noncore allocation to 3% from 4%, while its 1% allocation to public real estate investment trusts is unchanged.

Meketa Investment Group, which is advising the South Carolina Retirement System, said the new allocation will bring the U.S. public pension fund in line with its peers.