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Pennsylvania pension fund sets aside $250M for real estate investments

The Pennsylvania Public School Employees' Retirement System will pour $150 million into Angelo Gordon's AG Realty Value Fund X and $100 million into LEM Capital's LEM Multifamily Fund V, IPE Real Assets reported.

Angelo Gordon is looking to purchase underperforming assets and increase their cash flows and value, targeting returns of between 16% and 17%, the publication noted, citing the pension fund.

LEM Capital, which is looking to attract $400 million for its fifth multifamily fund, plans to purchase rental apartments, student lodging and senior housing across the U.S.