San Diego City Employees’ Retirement System (SDCERS) is planning to make $375m (€338.1m) worth of real estate commitments by the end of the fiscal 2023 year ending 30 June.
According to a report by the pension fund’s real estate investment consultant Meketa Investment, part of the plan involves making new core fund commitments of between $225m to $250m.
As part of the core strategy, SDCERS plans to consolidate its investments in funds benchmarked against the ODCE Index and reduce overall asset management fee expense.
SDCERS is planning $125m worth of non-core fund commitments by the end of fiscal 2023.
The non-core real estate investment plan involves making between $30m to $50m investments each into strategies including property types like apartments, industrial and neighbourhood retail and niche strategies like data centres, medical office and single-family rental.
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