Phoenix commits $30m to Asian real estate fund
The $2.2 billion City of Phoenix Employees Retirement System has committed $30 million to SC Core Fund, according to recent meeting documents. The Asian core-plus fund, managed by SC Capital Partners, is targeting $400 million in equity commitments and will invest in office and retail properties. The pension fund previously committed $30 million to SC Capital Partners’ Real Estate Capital Asia Partners IV in 2014. COPERS has a 15 percent target allocation to real estate, and the actual allocation was 14 percent as of Sept. 30.