HIERS commits $40m to core industrial fund

The Hawaii Employees’ Retirement System has committed up to $40 million to Cabot Industrial Core Fund, according to Vijoy Chattergy, CIO of the $14.4 billion pension fund.

Cabot Industrial Core Fund, managed by Cabot Properties, focuses on acquiring, operating, leasing and selling stabilized industrial properties across the United States. The fund is looking to raise $750 million in equity, and up to 10 percent may be invested in nonindustrial assets. The Public School Employees’ Retirement System of Pennsylvania committed $150 million to the fund earlier this year.

This is the first time HIERS has committed to a Cabot Properties fund, but Chattergy says the retirement system believes the team at Chabot is very experienced and capable.

“[The fund] allows us to better optimize core real estate exposure