San Bernardino County Employees Retirement Association (SBCERA) is considering a $150m (€137.3m) commitment to a US housing debt fund managed by TPG Angelo Gordon.

The $14.7bn pension fund disclosed in a meeting document that it is contemplating making the capital commitment to TPG Angelo Gordon Essential Housing Fund III, which targets land opportunities nearing the construction phase. This includes land holdings in the final stages of development or earmarked for building projects.  

The proposed commitment to Essential Housing Fund III, if approved, would be the largest real estate investment SBCERA has made in the past three years.  

The pension fund deployed $10m in 2023 compared with a $100m budget it had set during the period. The year before that, It had planned to invest $110m into real estate, but ended up placing $45m into the asset class. In 2021, it invested $93m into real estate compared with a budget of $100m during the period.

The new commitment would also surpass the pension fund’s current real estate pacing plan for 2024 which was at $120m with an upcoming mid-year update.

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