The $24 billion San Francisco City & County Employees’ Retirement System has committed €50 million ($61.5 million) to a value venture real estate fund, according to board meeting documents.
Exeter Europe Value Venture III is managed by Exeter Property Group, a real estate investment manager focused on industrial properties and portfolios across North America and Europe. Exeter invests in all industrial property types including big-box warehouse, multi-tenant logistics, flex, and related business park properties, and is focused on major distribution markets in the United States and Canada. The firm currently has 140 million square feet of industrial properties under management across the U.S. and Europe.
Exeter Europe Value Venture III previously received a €63.43 million ($78 million) commitment from the $23.1 billion New Mexico State Investment Council in 2017.
San Francisco City & County Employees’ Retirement System has a target allocation to real estate of 17 percent.
