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Investors - APRIL 27, 2018

Alameda County pension fund commits $25m to AEW fund

by Andrea Zander

The $8.7 billion Alameda County (Calif.) Employees’ Retirement Association has approved a $25 million commitment to AEW Partners Real Estate Fund VIII, managed by AEW Capital Management, during its April 11 meeting.

Recently, the closed-end value-added/opportunistic fund held a final closing with $614.9 million, according to the IREI FundTracker. The fund pursues property type, markets, locations and transaction sizes that are out-of-favor with capital markets and can be bought at attractive discounts, from inexperienced and undercapitalized owners/investors, and real estate that needs to be repositioned or repurposed.

The pension fund had a 6.4 percent real estate allocation as of Dec. 31, 2017, with an 8 percent target.

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