City of Fresno, Calif., commits $50m to Brookfield strategic fund

The City of Fresno (Calif.) Retirement Systems has committed $50 million to Brookfield Strategic Real Estate Partners III, according to Kathleen Riley Brown, assistant retirement administrator for the pension fund. The commitment is subject to legal review of all fund documents and background investigations.

Riley Brown said the, “Staff and NEPC have been analyzing RFP responses for an increased value-add real estate allocation.”

Brookfield Strategic Real Estate Partners III is a global real estate fund. In March, the fund was just shy of its $10 billion fundraising mark. The fund’s predecessor, Brookfield Strategic Real Estate Partners II, raised $4.4 billion and closed in 2013. The first fund in the series, Brookfield Strategic Real Estate Partners I, raised $4.4 billion and closed in 2013. The fund series invests in real estate primarily in North America, Europe, Brazil and Australia.

In addition, Riley Brown said the pension fund is continuing with investment and operational due diligence with Artemis Real Estate Partners and Blue Vista Capital Management for the remaining value-add real estate allocation of approximately $40 million.

The City of Fresno Retirement Systems has a target allocation to real estate of 13 percent.