PERS board approves public-equity consolidation and $75 million real-estate commitment

The Public Employees Retirement System of Mississippi board approved two major investment moves after presentations from its investment committee and outside managers.

Dr. McCoy, reporting for the investment committee, said the system’s unaudited fiscal year-to-date return stood at 17.4% and the fund’s assets were valued at approximately $40.5 billion. After manager presentations and a market update from Callan, the committee recommended consolidating the global public-equity portfolio and increasing real-estate exposure.

On the first recommendation, the board voted to remove one global public-equity manager—identified in committee materials as Harding Loevner—and reallocate that manager’s assets equally among LSV, Acadian and PGIM. Dr. McCoy said the change is intended to “enhance efficiency, reduce redundancy and maintain diversification,” and the motion carried by voice vote.

The board also approved a $75 million commitment to a proposed value-add real-estate fund, TPG Angelo Gordon Realty Value Fund 12, following presentations from several real estate managers, including Invesco, Principal Real Estate, J.P. Morgan Asset Management, UBS Asset Management and TA Realty. The investment committee brought the recommendation forward and the board approved the commitment by voice vote.

Board members did not record a roll-call vote in the transcript; all motions were adopted by voice vote with no opposition recorded. Dr. McCoy framed both actions as part of a broader effort to improve net returns while preserving diversification.

Next steps cited by the committee include executing required contract documents and integrating the reallocated public-equity assets and real-estate commitment into the portfolio over the committee’s prescribed timetable.