Fresno County commits $50m to real estate
The $4.5 billion Fresno County (Calif.) Employees’ Retirement Association has committed $50 million to two real estate funds, according to recent meeting documents.
The pension fund committed $30 million Kennedy Wilson Real Estate Fund V, managed by Kennedy Wilson. The value-added fund is targeting $500 million and invests in office, multifamily and retail properties in regions experiencing large job growth in the fields of science, technology, engineering and mathematics. Fund V has acquired seven properties in Arizona, California, Colorado, Oregon and Utah.
FCERA also committed $20 million to Gerding Edlen Green Cities III, managed by Gerding Edlen. The opportunistic fund is targeting $350 million and focuses on green multifamily and office properties in Boston; Chicago; Los Angeles; Portland, Ore.; San Francisco; and Seattle.
The pension fund also considered finalists TA Associates Fund XI and Oak Tree Real Estate Opportunities Fund VII. The