Fresno County Employees Retirement Association (FCERA) has approved a €25m commitment to PIMCO’s European data centre fund.
The $7.33bn (€6.34bn) pension fund disclosed in a board meeting document that the commitment to the PIMCO European Data Center Opportunity was issued as part of its infrastructure portfolio.
PIMCO is seeking to raise $1bn for the opportunistic fund, which targets net internal rates of return in the range of 18% to 20%. FCERA said it also made a $25m commitment to Acore Opportunistic Credit II, an Acore Capital-managed real estate debt fund seeking to raise up to $1bn.
The investment strategy for Credit II is to provide whole loans, mezzanine debt and preferred equity, while also investing in performing and non-performing loans backed by real estate assets across the US.
Credit II, which can allocate up to 10% of its capital internationally, targets net returns of 13% to 15%.
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