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Fresno County Employees backs open-ended Harrison Street Core Property Fund
Investors - APRIL 12, 2021

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Fresno County Employees backs open-ended Harrison Street Core Property Fund

by Kali Persall

Fresno County (Calif.) Employees’ Retirement Association (FCERA) has approved a $115 million commitment to the open-ended Harrison Street Core Property Fund, according to minutes from the pension fund’s April 7 meeting.

FCERA is currently under-allocated to private real estate, with approximately 4.1 percent invested as of December 2020 (consisting of 3 percent to core and 1.1 percent to value-add/opportunistic real estate), against a target of 7 percent.

That 7 percent allocation reflects a 4 percent allocation to core real estate funds and a 3 percent allocation to value-add and opportunistic real estate funds. The current exposure to core real estate is 1 percent underweight at 3 percent exposure against a 4 percent target. At the same time, closed-end value-add and opportunistic strategies are underweight by 2 percent — or 1.1 percent actual against a 3 percent t

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