Newport News Retirement Commits $24M to Prisa Real Estate Fund III

The Newport News Employees Retirement Fund is allocating $24M to real-estate fund PRISA III following the Virginia pension’s full redemption of predecessor fund PRISA II, according to recently published minutes from its October 31 board meeting.

The move was recommended by the pension’s general consultant Meketa, which endorsed the shift to the third fund as it was “more focused on value-creation and capturing value through realization,” compared to PRISA II’s core-plus investment strategy that closely resembles PRISA I.

PRISA III is the pension’s most recent investment in real estate, after it allocated $15M in Berkeley Partners Value Industrial Fund VI, as reported by Dakota on August 1. Per the latest Dakota data, Newport News Retirement holds total plan assets valued at approximately $1.1B.

Written By: Dakota

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