The San Diego City Employees' Retirement System (SDCERS) has reevaluated its real estate investment policy and adopted a new real estate investment plan for fiscal year 2022.
SDCERS’ new real estate consultant, Meketa Investment Group, was hired in November 2021. In December, Meketa began a review of SDCERS’ real estate policy and the FY2022 real estate investment plan. The consultant is recommending a number of changes to the real estate policy that will further define and simplify allocations and sectors.
The most notable changes pertain to the core and non-core allocations. The policy targets for core and non-core will remain unchanged, but the use of subcategories, such as value-add, opportunistic and tactical core equity below those allocations will be eliminated. This change keeps the portfolio focused on its goal of seeking 70 percent of core target allocatio
