San Joaquin County Employees’ Retirement Association (SJCERA) plans to allocate $180m (€161m) to real estate in 2027, according to a board meeting document.
The pension fund’s 2027 real estate deployment strategy includes a $50m core/core-plus top-up commitment to the Clarion Alternative Sectors Fund, following an initial $50m allocation to the vehicle in November 2025.
Managed by Clarion Partners, the fund invests exclusively in housing, healthcare and distribution or self-storage assets.
SJCERA plans to deploy the remaining $130m into non-core real estate strategies across two primary themes.
The first plan is to address the portfolio’s current underweight allocation to retail, which currently stands at 4.1% of the real estate portfolio compared with the NCREIF Fund Index – Open End Diversified Core Equity benchmark weighting of 10.4%.
The second plan is to prioritise re-ups with existing managers where strategic alignment and conviction remain strong.
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