North Dakota SIB Allocates $85M to PGIM Real Estate Fund

The North Dakota State Investment Board (SIB) said it made an $85M investment in value-add real estate fund PRISA III, according to materials related to its January 10 board meeting.

The amount is a combination of a $35M allocation from the pension pool and $50M from the legacy fund, in a deal closed on October 17, 2024. As of January, PRISA III is the pension’s second investment in real assets after allocating $100M to Carlyle Realty Partners X in September last year, adding up to $185M in total commitments made to the asset class out of the pension’s composite private markets allocation of approximately $585.8M.

North Dakota SIB maintains a 10% average target in real estate, which is overweight at 12% in actual allocation, as of September 30, 2024.

Written By: Dakota

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