NYC BERS Allocates $20M to Mesirow Real Estate Fund

The New York City Board of Education Retirement System (BERS) made a $20M commitment earlier this year to a non-core real estate strategy managed by Mesirow Financial.

According to materials from the board’s September 18 meeting, the pension made the commitment to Mesirow Financial Real Estate Value Fund V in April, its second investment in the fund series after committing $25M to the 2020 vintage Fund VI.

The pension said its current real estate portfolio is slightly overweight at 11.9%, inclusive of unfunded commitments, of the total portfolio against an 8% target. Overall plan assets are valued at approximately $9B, according to the latest Dakota data.

Source: https://comptroller.nyc.gov/wp-content/uploads/documents/09.18.2024-BERS-Retirement-System-Investment-Meeting-Agenda-Package-Public.pdf

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