Investors - OCTOBER 5, 2016

California-based pension commits $50m to open-end fund

by Jody Barhanovich

The $1.2 billion San Luis Obispo County (Calif.) Pension Trust committed $50 million to JPMCB Strategic Property Fund, managed by J.P. Morgan Asset Management Global Real Assets, according to a board meeting document.

The open-end, core fund focuses its investments in U.S. office, industrial, multifamily and retail properties. The commitment is a follow-on to the pension fund’s previous investment of $87 million in the JPMCB fund in 2008.

San Luis Obispo County also has committed $30 million to American Strategic Value Realty Fund, an open-end value-added real estate fund managed by American Realty Advisors.

The JPMCB Strategic Property Fund, which has a net asset value of $30.7 billion as of second quarter 2016, received a $350 million commitment from the New York State Common Retirement Fund in February 2016.

The pension fund recently decided to increase its target allocation to real estate from 5 percent to 10 percent, prompting the new commitment.

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