Arizona pension fund commits $40m to real estate

The $8.3 billion Public Safety Personnel Retirement System of the State of Arizona has committed $40 million to Lubert-Adler Laramar Urban Neighborhood Fund, according to recent meeting documents.

The real estate fund invests in established areas close to U.S. city centers and focuses on apartment and retail properties. The fund is seeking to raise $400 million. According to a filing with the SEC, the fund had raised $97.5 million as of July 2015.

The pension fund has a 10.5 percent allocation to real estate, just above the 10 percent target allocation to the asset class.