Sacramento County Employees’ Retirement System (SCERS) has disclosed it participated in a just-ended $739m {€638.5m) fundraise by US healthcare real estate asset manager Hammes Partners.
SCERS revealed in its latest investment activity report that it made a $40m commitment to Hammes Partners IV, the recently closed value-add fund.
Partners IV seeks investments that can achieve 11% to 13% net levered returns. The loan-to-value at the property level for the fund will be 65%.
Hammes targets on-campus and campus adjacent ambulatory and acute outpatient medical facilities leased to regional or nationally recognised healthcare providers.
Steve Davis, Sacramento County Employees’ Retirement System’s CIO, said: “Hammes is an existing relationship for us as we have invested in Hammes’ prior two funds. They are a specialist owner-operator of healthcare facilities that SCERS believes is differentiated among healthcare and other real estate managers.”
Davis said as the US population has aged, the demand for medical care has increased alongside.
“The over 65 population visits doctor offices 5.5 times per year, compared with three times for the 45-60 age segment and only 1.7 times for the 18-44 age group.
“The number of people over 65 represents over 17% of the US population, but is expected to reach 21% by 2020 and 22% by 2040,” Davis said.
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