Alameda County Employees targets $150m in core real estate investments

The Alameda County (Calif.) Employees’ Retirement Association (ACERA) has plans to adopt a new investment plan for its real estate asset class.

The new real estate investment plan will target $150 million in core real estate commitments by the end of 2024, according to board-meeting minutes from April 12. The investment plan also proposes investing $50 million to $100 million per year to noncore strategies to maintain the real estate asset allocation target of 9 percent.

As of third quarter 2022, ACERA’s core allocation was 52 percent of the total real estate portfolio, under the target range of 60 percent to 100 percent.

Callan and ACERA’s investment staff also will review emerging manager opportunities in the real estate space. ACERA said the potential commitment sizing will be smaller, as these strategies are considered niche opportunities.