San Antonio commits to two open-end real estate funds
The San Antonio Fire & Police Pension Fund has committed $88 million to two open-end real estate funds, according to recently released meeting documents. The $2.7 billion pension fund has committed $50 million to USAA Real Estate Co.’s Eagle Real Estate Fund and $38 million to the J.P. Morgan Strategic Property Fund.
The USAA Real Estate fund was launched in August 2012 and focuses on multifamily, industrial, office and retail properties. The fund received a $75 million commitment from the New Mexico State Investment Council in 2013.
The J.P. Morgan fund was launched in 1998 and, as of December 2014, had more than $25 billion in net asset value. The California State Teachers’ Retirement Sys