San Bernardino County Employees Retirement Association (SBCERA) could commit $120m ($111m) to real estate strategies next year, is planning a target commitment budget of $120m (€111m) for real estate for 2024, according to a board meeting report by CIO Don Pierce.
Such a level of investment would be significant increase on the pension fund’s activity in 2023, during which it only approved one $10m commitment – for a direct co-investment alongside Apollo.
The capital budgeted for next year would help it reach its 5% target allocation to real estate. Currently, $583m or 4.1% of its total assets is invested in the asset class.
The capital earmarked for 2024 will be evenly split between core and non-core investment opportunities, and potentially a mixture of closed and open-ended funds, and co-investments.
Core real estate can include debt investments. None of the capital will be allocated to listed real estate securities.
Preference will be given to SBCERA’s existing roster of fund managers.