San Francisco Employees Retirement System (SFERS) has set a $750m (€635m) real assets pacing plan for the 2022 fiscal year beginning 1 July, according to the pension fund’s meeting document.
The pension fund’s real assets portfolio comprises 70% real estate investments and 30% natural resources. SFERS has return assumptions of 10% net internal rate of return for real estate and 9% for natural resources.
In the last couple of years, SFERS has mostly invested in real real estate via non-core funds.
The pension fund’s most recent investment for the real assets portfolio was a $40m commitment issued to Placer Ranch Investors LP, an investment entity managed by JEN Partners.
Placer Ranch is a 2,213-acre master-planned community located in the unincorporated Placer County between Roseville and Lincoln near Sacramento in California. JEN partnered with Taylor Builders to acquire the $100m asset.
JEN Partners did not respond to a request for comment.
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