At its retirement board meeting on Sept. 13, the San Joaquin County (Calif.) Employees’ Retirement Association (SJCERA) revealed details about its real estate pacing plan.
According to its pacing study, SJCERA plans to commit $125 million each year to noncore real estate and $75 million to core real estate in 2024 to achieve and maintain an allocation to real estate near the target.
The retirement association has a 17 percent target allocation to real estate, composed of 9 percent core and 8 percent noncore. SJCERA has invested with 20 real estate managers (four private open-ended and 16 private closed-ended), with an aggregate reported value of $293.3 million in real estate investments.
SJCERA’s most recent noncore commitment was made in June; $50 million to SROA Capital Fund IX, managed by SROA Capital. SROA Capital Fund IX is a closed-end self-storage acquisition fund that will use up to 15 percent of the fund for originating senior bridge loans, mezzanin
