California pension fund commits $50m to core real estate
The $2.5 billion San Joaquin County (Calif.) Employees’ Retirement Association has committed $50 million to two real estate managers, according to recent meeting documents.
The pension fund committed $45 million to RREEF America REIT II. The core real estate investment trust is managed by Deutsche Asset & Wealth Management.
The second commitment was $5 million to Principal U.S. Property Account, managed by Principal Global Investors. SJCERA previously committed $20 million to the core real estate account. This brings the pension fund’s total commitment to $25 million.
SJCERA has a 10 percent target allocation to real estate.