San Diego City Employees re-ups $35m in Almanac fund series

The San Diego City Employees Retirement System (SDCERS) approved a $35 million commitment to Almanac Realty Securities IX at its Sept. 10 board meeting, according to a recent investment document.

Almanac Realty Securities IX is a noncore, closed-end fund focused on providing capital to help grow REOCs and companies with significant real estate assets. Rather than acquiring individual properties, Almanac will invest in individual REOCs that own and manage various real estate properties and often need capital to grow their business.

REOCs often reinvest in their business by acquiring additional properties or improving existing portfolio holdings. The acquisition of these real estate operating companies is re