Sacramento County sells $152m in assets, commits $100m to Brookfield fund

The $9.6 billion Sacramento County Employees’ Retirement System (SCERS) has sold six core separate account properties to Clarion Lion Properties Fund for approximately $152 million of shares in the fund and committed $100 million to a fund managed by Brookfield Asset Management, according to board meeting documents.

Brookfield Premier Real Estate Partners (BPREP) is an open-ended core real estate fund. The fund, which opened in 2016, primarily invests in gateway cities throughout North America and will invest in a portfolio of assets that will span multiple property types.

Clarion Partners’ Clarion Lion Properties Fund is an open-end real estate fund as well. The fund invests in a diversified portfolio of properties, primarily residential, industrial, office and retail.

SCERS’ total real estate exposure as of June 30, 2018, stands at 9.5 percent, which is above the top of the range of 9 percent. Steve Davis, CIO, reported that staff and Townsend, SCERS’