San Diego City Employees’ Retirement System has made infrastructure and real estate commitments totalling $240m (€206.6m) to Macquarie Asset Management, Igneo Infrastructure Partners, KKR and Crow Holdings strategies.
The pension fund disclosed in a board meeting document that the infrastructure investment includes a $100m commitment to the Macquarie Global Infrastructure Fund and $50m into the Igneo Global Diversified Infrastructure Fund.
The real estate investment includes a $50m commitment to KKR Opportunistic Real Estate Credit Fund III and placing $40m into the Crow Holdings Realty Partners XI fund.
Established in November 2021, the core open-ended Macquarie fund reported a net asset value of $5.9bn as of September 2025, according to a board meeting document prepared by Callan. The fund maintains a return target of 8% to 10% net internal rate of return and a mid-single-digit yield.
The open-ended Igneo infrastructure fund has a net asset value of $7.8bn plus an additional $282m of commitments in its entry queue.
The KKR fund is seeking to raise $1.5bn to invest in the US and Western Europe. Around 75% of the fund will provide senior lending opportunities in the housing and industrial property types.
As previously reported, Crow Holdings is seeking to raise $3.25bn for its latest fund, with a hard cap set at $4bn.
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