San Jose pension funds reshuffle core property fund line-up
Two San Jose public pension funds are reshuffling their core US real estate fund manager line-up, filing $284m (€252m) of redemption requests for two funds and committing $340m to two others.
The San Jose Police & Fire Department Retirement Plan and the San Jose Federated City Employees Retirement System are seeking to pull all of their capital out of American Realty Advisors’ American Core Realty Fund and PGIM Real Estate’s PRISA, amounting to $227m and $57m, respectively.
They are also investing in the BlackRock US Core Property Fund and Clarion Lion Properties Fund for the first time, committing $200m and $140m, respectively.
Dhinesh Ganapathiappan, investment officer at the City of San Jose, declined to comment on the reasons for the redemptions.