Alameda County Employees Retirement Association (ACERA) has set its real estate pacing plan for the 2026 fiscal year at $325m (€277.1m), according to the pension fund’s board meeting document.

The plan for the fiscal year, which started on 1 July, involves committing up to $225m in core real estate, a decision partly driven by the pension fund’s current underinvestment in core assets, which make up 40% of its portfolio compared to a 60% target.

ACERA’s core investing strategy for the period involves investing with top-performing core managers and adding to its existing core managers.

The amount planned for non-core real estate is up to $100m. This could be with funds that have either an equity or debt investment strategy.

ACERA will also consider allocating capital to emerging managers. This could include investments in broadly diversified strategies or specialised investment strategies where the manager demonstrates a competitive advantage.

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