The Sacramento County Employees Retirement System (SCERS) has agreed to invest €32 million ($35 million) in a European value-add real estate fund, a board meeting document has revealed.
SCERS has earmarked a follow-on commitment to NREP Nordic Strategies Fund IV, a closed-end fund managed by Nordic Real Estate Partners. According to SCERS, the fund is targeting €1.25 billion ($1.4 billion).
Launched in November 2019, the fund focuses on value-add logistics, student housing, serviced living, care homes and other senior housing across Nordic property markets.
Other backers include the San Diego City Employees Retirement System, Los Angeles City Employees Retirement System and Los Angeles Fire & Police Pensions.
If successful, fundraising for NREP Nordic Strategies Fund IV will exceed the €400 million ($445 million) raised for Fund I of the series
