Alameda County commits $25m to real estate
The $6.5 billion Alameda County (Calif.) Employees’ Retirement Association has committed $25 million to Clarion Lion Industrial Trust, according to recent meeting documents. The open-end core fund, which launched in December 2002, targets industrial warehouse and land properties in North America. The fund seeks to own, develop, manage and strategically sell the properties. Investors in the fund include the Chicago Teachers’ Pension Fund and the Los Angeles City Employees’ Retirement System. The pension fund has an 8 percent target allocation to real estate and an actual allocation of 6.6 percent to the asset class.