Key Takeaways
- • The North Carolina Retirement System disclosed a $300 million commitment to Prime Storage NC, a real estate fund managed by Prime Group Holdings.
- • The $106 billion Retirement System held 2.36% of its portfolio in non-core real estate as of September 30, 2022, against a policy target of 3%.
- • The commitment would move the system closer to its non-core real estate target, based on the stated allocation gap.
Summary
The North Carolina Retirement System has disclosed a $300 million commitment to Prime Storage NC, according to a report published by Dakota. The vehicle is managed by Prime Group Holdings and is a real estate fund focused on storage assets.
As of September 30, 2022, the $106 billion Retirement System allocated 2.36% of its total assets to non-core real estate, below its policy target allocation of 3%. The new commitment is consistent with the plan's effort to build its non-core real estate exposure toward that target.
The source does not provide additional details on fee terms, fund size, vintage, or the timing of capital calls. Readers seeking the underlying commitment documentation should refer to the Retirement System's public board materials.
As of September 30, 2022, the $106 billion Retirement System allocated 2.36% of its total assets to non-core real estate, below its policy target allocation of 3%. The new commitment is consistent with the plan's effort to build its non-core real estate exposure toward that target.
The source does not provide additional details on fee terms, fund size, vintage, or the timing of capital calls. Readers seeking the underlying commitment documentation should refer to the Retirement System's public board materials.
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