San Francisco Employees’ Retirement System (SFERS) has doubled down on its commitment to Sculptor Capital Management’s latest opportunistic real estate fund, with an additional $50m (€48.1m).
SFERS disclosed in a board meeting document that it has committed the capital to Sculptor Real Estate Fund V, bringing the pension fund’s total investment in the fund to $100m, following an initial $50m commitment in September of last year.
Sculptor Capital’s Fund V, which will focus on acquiring alternative assets such as gaming properties, hotels and senior housing is seeking to raise $3bn.
The Ventura County Employees’ Retirement Association has also committed $100m to the fund, which targets net internal rates of return (IRRs) between 14% and 18% and gross IRRs of 20%, according to a board meeting document prepared by NEPC for Ventura County.
The fund will invest in a mix of equity, debt and hybrid debt/equity structures, mainly targeting mid-market transactions between $25m and $75m. At least two-thirds of the fund’s capital is expected to be deployed in North America, with a potential allocation of up to 20% in Europe.
SFERS said it also agreed to roll over its $50m investment in New Mountain Net Lease Partners into the New Mountain Net Lease Trust.
New Mountain’s net-lease real estate strategies include sale-leasebacks, acquisitions, build-to-suit and forward takeout commitments.
To read the latest IPE Real Assets magazine click here.
