Indiana Public Retirement System (PRS) has ended $181m (鈧�183.2m) worth of real estate collaborations with Mesa West and BlackRock held within the pension fund鈥檚 real assets portfolio.
Indiana PRS told 麻豆映画 Real Assets that: 鈥淭he real asset team regularly reviews the real estate portfolio鈥檚 overall exposure to property types and geographies. Periodically, the team will identify opportunities to shift exposures by reallocating capital.鈥�
Indiana PRS said it has redeemed its $75m investment from Mesa West Core Lending Fund, an open-ended debt fund the pension fund has been backing since December 2013.
The Mesa West Core Lending Fund originates floating rate and fixed-first mortgage loans on institutional-quality assets in the US.
Indiana PRS has also redeemed the $106m it had invested in real estate investment trusts via BlackRock. The passive-only strategy invested in publicly traded industrial-only real estate securities. The pension fund first invested with the BlackRock strategy in July 2016.
The Indiana PRS real assets portfolio 鈥� which comprises real estate and infrastructure 鈥� represents $2.8bn of the $37bn pension fund鈥檚 total assets. Real estate accounts for 7.2% of the real assets portfolio and infrastructure makes up 0.4% of the portfolio.
Indiana PRS has a 10% allocation target for real assets.
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