JUNE 30, 2016

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San Joaquin County Earmarks $30m for Greenfield Partners fund

by Larry Gray

The $2.4 billion San Joaquin County (Calif.) Employees’ Retirement Association has approved a $30 million commitment to Greenfield Acquisition Partners VIII, subject to the successful negotiation of terms between the two parties.

The high-yield fund is the latest in the series offered by Greenfield Partners. The firms’ previous fund, Greenfield Acquisition Partners VII, closed in December 2014 and raised $688 million of equity. The firm typically invests across property types in the United States, and its strategy includes restructuring of financial obligations, development, redevelopment, and repurposing and repositioning assets.

SJCERA has a target allocation to real estate of 10 percent. As of Dec. 31, 2015, the pension fund had an actual allocation of 11.1 percent.

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