Pennsylvania State Employees Retirement System (SERS) is backing Rubicon Point Partners, a real estate manager seeking to raise up to $350m for its maiden fund.
The pension fund said it is making a $30m capital commitment to the Rubicon First Ascent fund and a $20m contribution to the Rubicon First Ascent Sidecar vehicle for co-investment opportunities.
Pennsylvania SERS said in a meeting document that the investment is part of its plan to lift the pension fund’s 7.1% real estate portfolio to its 8% allocation target.
According to Pennsylvania SERS, the Rubicon First Ascent fund which has a $350m hard cap target, expects to at least raise $250m to invest in office and mixed-use real estate in the San Francisco Bay and the Pacific Northwest region of US.
The fund is expected to have final close in the first quarter of 2021.
According to industry sources, the fund is Rubicon’s first-ever own-fund product.
The real estate manager has been been an active investor through separate accounts with institutional investors, one of which is its emerging manager programme relationship with the California Public Employees Retirement System.
A previous version of this story incorrectly referred to Pennsylvania State Employees Retirement System as Pennsylvania Public School Employees Retirement System.
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