Sacramento County Employees’ Retirement System (SCERS) has rehired The Townsend Group as its real estate consultant for a new three-year contract.

The $9.24bn pension fund said in a board meeting document that Townsend has assisted SCERS in developing a well-diversified and differentiated real estate program that has generated strong returns on an absolute and relative basis.

As of the end of 2018, SCERS had real estate returns that have outperformed the policy index benchmark by 1.9% and 1.4% over the three-year and five-year periods.

These results, compared with its peers, put the pension fund in the top 4th and 9th percentile over the time periods.

SCERS has also approved a $40m (€35.8m) commitment into Brookfield Infrastructure Fund IV. The Brookfield fund is expected to raise $17bn, including a 25% co-investment from Brookfield.