San Joaquin County Employees Retirement Association (CERA) has approved a $200m (€172.6m) commitment, split equally between a real estate fund managed by Clarion Partners and a mid-market infrastructure fund managed by BlackRock’s Global Infrastructure Partners.
The $3.6bn pension fund disclosed in a board meeting document that the commitment to the Clarion Alternative Sectors Fund will be placed in two $50m tranches.
Clarion Partners does not comment on the fund, which operates with an open-ended structure and is continually seeking new commitments from limited partners.
The core-plus fund targets housing and healthcare and distribution/self-storage assets, according to sources familiar with the fund.
The Clarion Partners fund targets net returns of 9% to 10% and gross returns of 10% to 12%, with projected leverage in the 35% to 45% range.
The BlackRock GIP Mid-Market Fund V fund, targets a $7bn capital raise, according to an SEC filing by the manager.
The fund is looking to invest in the sectors of digital, transportation and logistics, energy, environmental, low-carbon power and regulated utilities, with a targeted net internal rate of return of 10%.
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