By Muskan Arora

The $23.15bn North Dakota Retirement and Investment Office has
committed $185m to real estate funds, as the system predicts stabilization of RE
valuations in 2025.

Within its legacy fund, the pension plan allocates 3.96% to
its real estate sleeve with no explicit target.

However, within its pension trust, the system allocates
8.70% against a target of 10.10%, as of September 30, 2024.

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The system made its first commitment of $100m to Carlyle
Realty Partners X, a closed-end opportunistic fund focused on investments in
industrials and multifamily/residential sectors in North America.

Multiple allocators including Virginia Retirement System, Florida
SBA and Connecticut Retirement Plans and Trust Fund have also allocated to the
fund over the past year.

The system committed the remaining $85m to PRISA III, a value-add
real estate fund focused on retail assets.

Investors including San Diego City have also allocated to the
fund recently.

Most recently, North Dakota SIB elected Jodi Smith as the
interim executive director of the RIO office, stepping in the shoes of Jan
Murtha.

The investments overseen by SIB include the assets of the
North Dakota’s Legacy Fund and 28 government pension and insurance client
funds. The TFFR board of trustees is responsible for the administration of a
pension program that serves more than 25,000 participants, approximately 11,800
who are active members currently employed by public schools and state
institutions.