The Pennsylvania Public School Employees’ Retirement System (PSERS) in July approved a commitment of up to $100 million to the AvalonBay Value Added Fund II, L.P.

The $500 million fund, which is managed by apartment REIT AvalonBay Communities Inc. (NYSE: AVB), is expected to focus on multifamily residential redevelopment opportunities.

The latest commitment by PSERS marks the retirement system’s second venture with AvalonBay. Currently, PSERS has almost of $40 million in assets invested in AvalonBay’s public REIT.