Sacramento County Employees’ Retirement System (SCERS) has awarded Brookfield Asset Management’s public securities group a $100m (€90m) listed real assets mandate.
In September, IPE Real Assets reported that the $9.24bn pension fund was planning to hire Brookfield Public Securities Group to run a customised version of its diversified real assets strategy.
In a meeting document, SCERS said it has selected Brookfield as a manager for the liquid real return strategy.
The move follows the pension fund’s decision in June to replace a 2% commodities exposure – which forms part of its real-return portfolio – with a liquid real-return allocation.
The $100m mandate would be funded by reducing an existing passive liquid real-return overlay provided by State Street Global Advisors (SSgA). The manager still runs an $81m account for the pension fund.
Steve Davis, Sacramento County Employees’ Retirement System CIO, said: “The liquid real return allocation was split between Brookfield and SSgA, as their respective strategies served as a good complement to one another.”