The San Bernardino County Employees’ Retirement Association has set a pacing schedule for real estate investing at $330m (€287.3m) for the next three years.

Don Pierce, CIO at San Bernardino County, said there were “no guarantees” it would invest this capital over the time frame and that the investment would “depend on the opportunities we find in the market”.

The pension fund’s board will discuss and potential approve this at its 5 February board meeting working with its consultant, NEPC.

The fund’s 2015 investment plan calls for a total amount of $110m for private real estate, made up of $75m planned for core and $35m for non-core.

All of this capital is likely to be invested in either open-ended or close-end funds.

Pierce said capital would be invested in the US or internationally.

Laura Vossman, senior investment officer at San Bernardino County, said new capital would be given to existing manager relationships in which NEPC and staff have a high level of confidence, including strategic long-term partnerships.

The fund currently has a $75m separate account with the Partners Group.

Limited partnership interests in real estate close-end funds on the secondary market will also be considered by San Bernardino County.

The fund is now in the process of selling out of its core separate account portfolio with American Realty Advisors.

Four assets in the portfolio, valued at $182.5m, will be sold over the next four years.