Alameda County Employees Retirement Association (ACERA) is planning to approve a $50m (€45.1m) commitment to Starwood Capital’s latest distressed global real estate fund.
The pension fund disclosed in a meeting document that it plans to place the capital into the Starwood Distressed Opportunity Fund XIII Global fund.
As previously reported, Starwood is seeking to raise $10bn for Fund XIII. The Starwood fund’s strategy involves acquiring undervalued assets, taking public entities private, and forming investment platforms.
As of June 2024, ACERA’s real estate portfolio was valued at $787m, representing 6.7% of its total plan assets. The pension fund’s target allocation for this asset class is 9%. According to the meeting document, ACERA plans to complete one more real estate commitment before the end of the year.
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