Alameda County Employees Retirement Association (ACERA) has approved a $50m (€47.5m) commitment each into open-ended real estate funds managed by PGIM Real Estate and Clarion Partners.

The $12bn US public pension fund said in a meeting document that it has made a follow-on commitment to PRISA III, a value-add set up by PGIM Real Estate in 2003 to invest in a variety of property types.

According to sources, PRISA III has a net asset value of around $4.9bn.

ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners.

The Lion Industrial Trust had a net asset value of $14.4bn last year.

As of the end of last year, real estate accounted for 6.3% of ACERA’s total 6.3% of the pension fund’s total portfolio. ACERA has a 9% real estate allocation target.

As previously reported, ACERA intends to make $250m worth of real estate commitments this year.

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