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Detroit, Wayne County pension funds invest $47.5 million in real estate funds

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Two retirement systems in Wayne County have made commitments to value-added real estate funds.

Detroit Policemen & Firemen Retirement System approved two new commitments totaling $30 million.

The $2.8 billion pension fund’s board approved commitments of $15 million each to Grandview Partners II and Lubert-Adler Workforce Housing Fund, managed by Lubert-Adler Partners, at its Aug. 19 meeting, recently released meeting minutes show.

Ryan Bigelow, chief investment officer, and Joe Bogdahn, chairman of the investment committee, could not be immediately reached for further information.

And the Wayne County Employees’ Retirement System made two new value-added real estate fund commitments totaling $17.5 million.

The $1.1 billion pension fund’s board at its Sept. 24 meeting approved commitments of $10 million to Artemis Real Estate Partners Fund IV and $7.5 million to TerraCap Partners V, managed by TerraCap Management, recently released meeting minutes show.

Investment consultant AndCo Consulting assisted.

Robert Grden, the pension fund’s executive director, could not be immediately reached for additional information.