Alameda County Employees Retirement Association (ACERA) is planning to make $250m (€216m) worth of real estate commitments next year, according to the pension fund’s meeting document.
In 2022, the $10bn pension fund intends to commit around $200m to core and core-plus strategies and $50m to non-core private real estate.
As previously reported, ACERA had plans to allocate additional capital to core real estate over the next two years as part of a property portfolio rebalancing plan.
ACERA’s commitments in 2021, which have all been in the value-add/opportunistic sectors, include a $50m into Starwood Fund XII, $40m into CBRE Value Fund 9 and $25m into Artemis Healthcare Fund II.
As of the first half of the year, the pension fund’s total real estate exposure was 5.75% (6.55% if unfunded commitments are taken into account) compared with a target allocation of 9%.
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