Subpoenas reviewed by Spotlight PA and The Philadelphia Inquirer lay bare the scope of the federal investigation into Pennsylvania's $64 billion public school pension fund.
FBI Investigates Largest Pennsylvania Pension Fund s Real Estate Buys Near HQ The Pennsylvania Public School Employees Retirement System headquarters building in Harrisburg, Pennsylvania
Real estate is a common investment for sources of institutional capital like pension funds, but one such fund s real estate deals raised the suspicion of federal investigators.
The FBI is investigating a series of purchases by the Pennsylvania Public School Employees Retirement System, the largest pension fund in the state, the Philadelphia Inquirer reports. PSERS has spent $13.5M on real estate in the immediate vicinity of its Harrisburg headquarters in the past few years through direct investment, breaking from its traditional strategy of investing indirectly through managed funds.