San Diego commits $70 million to real estate
The $6.5 billion San Diego City Employees’ Retirement System has committed $50 million to Carlyle Realty Partners VII, managed by The Carlyle Group, and $20 million to CBRE Strategic Partners U.S. Value Fund VII, managed by CBRE Global Investors.
CRP VII launched in July 2013 with a $4 billion fundraising goal, making it Carlyle’s largest fund to date. According to a presentation given to SDCERS at a recent board meeting, the opportunistic fund will focus on the acquisition, value enhancement and disposition of mispriced and undervalued real estate assets in the U.S.
“Carlyle is one of the largest alternative asset management firms in the world with very seasoned professionals, an integrated platform and a very strong network that allows them to purchase assets ‘off market,&rsq