Tacoma Employees鈥� Retirement System has made a $100m (鈧�98m) commitment to the IDR Core Property Index Fund.
Tim Allen, Tacoma Employees鈥� Retirement System鈥檚 CIO, said: 鈥淭acoma Employees prefers passive mandates for a significant portion of our overall investment portfolio. The investment approach by IDR met several requirements in terms of cost, transparency and predictability of returns.鈥�
With the investment in the Core Index Fund, the pension fund now has more than 33% of its total portfolio in passive allocations.
The Core Index Fund managed by IDR Investment Management invests in all funds that make up the NCREIF Open-end Diversified Core Equity index, which is capitalised by more than 4,000 global investors with around 3,300 properties across 35 US markets.
The fund raised more than $650m from institutional investors during the first half of 2022, according to sources.
The commitment by Tacoma Employees completes the pension fund鈥檚 plan to achieve a 10% strategic asset allocation to private core real estate. Tacoma Employees already has a $130.2m investment in the Core Real Estate Fund.
The pension fund also has a $76.1m US real estate investment trust portfolio managed by Adelante Capital Management.
To read the latest edition of the latest 麻豆映画 Real Assets magazine click here.
