Investors - JANUARY 26, 2015

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San Bernardino County to commit $110m to real estate in 2015

by Reg Clodfelter

The investment board for the $8.1 billion San Bernardino County (Calif.) Employees’ Retirement Association has approved a 2015 real estate investment plan that calls for the retirement system to commit $110 million to real estate by year’s end, according to recently released board documents. The plan must be approved by SBCERA’s board of retirement at its upcoming meeting in early February before going into effect.

If the plan is approved, the $110 million would be divided between $75 million in commitments to core strategies and the remaining $35 million to noncore strategies. SBCERA currently has approximately $528 million in real estate, 6.6 percent of its total assets, short of the retirement system’s 9 percent target allocation to the asset class.

The recommended 2015 commitment budget of $110 million is designed to close this gap over the next nine to 10 years, board documents explain, and help SBCERA to build a real estate portfo

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