PSERS commits $100m to EQT Exeter industrial core-plus fund
The Pennsylvania pension backs EQT Real Estate's latest closed-end industrial fund without a set fundraising target.
Pennsylvania Public School Employees' Retirement System is putting $100 million into EQT Exeter Industrial Core-Plus Fund V, a closed-end vehicle from EQT Real Estate that invests in U.S. industrial and logistics properties. The manager has not set a fundraising goal for the fund, according to IREI, which first reported the commitment.
The pension's real estate sleeve stood at $6.8 billion as of March 31 against an 8 percent allocation target, leaving room for a commitment of this size. PSERS' total assets were $85.7 billion at the same date. The new fund's predecessor, Fund IV, closed with $3 billion in equity commitments in 2022.
The $100 million commitment is a small but deliberate allocation, and it maintains EQT Exeter's momentum in a category that continues to attract institutional money. With no target set, Fund V's ultimate size will depend on how many other limited partners follow PSERS' lead.
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