San Bernardino County Employees’ Retirement Association (SBCERA) expects to invest approximately $160m (€136m) in real estate next year.

The pension fund said in its board meeting report that it plans to allocate at least $60m to core investments.

Under advice of its real estate consultant NEPC, SBCERA will consider core real estate debt, due to today’s mature real estate cycle and high pricing for core assets.

SBCERA said a preference will be given to existing managers in which its real estate consultant NEPC and staff have a high level of confidence.

Also, where possible, it will favour long-term partnerships established using a master custodial account (MCA) structure.

SBCERA is considering giving further capital to five of its existing managers, three of which are employed using MCAs.

Partners Group could see up to $70m, including up to $50m for its Real Estate Secondary 2017 fund, alongside additional capital for direct investments and co-investments.

There could be further capital for Kayne Anderson Capital Advisors, including $20m commitments to Kayne Anderson Real Estate Partners V and Kayne Anderson Real Estate Debt III.

In August, IPE Real Assets reported that San Bernardino was planning to invest in real estate, debt and infrastructure through Kayne Anderson.

SBCERA is considering allocating up to $35m for co-investments alongside Apollo Global Management’s US Real Estate Fund II.

It is also mulling directing $80m to PGIM Real Estate’s PRISA II and PRISA III funds.

Finally, it will consider investing up to $35m for co-investments or an additional commitment to Invesco Real Estate’s Asia Core Fund.

Topics

Related Companies