San Jose pension funds invest in DRA Advisors’ 10th income fund

Two pension funds with the city of San Jose have committed capital to the DRA Growth & Income Fund X, a private real estate fund managed by New York City–based DRA Advisors.

The city disclosed the investments made by the San Jose Police and Fire Department Retirement Plan and the San Jose Federated City Employees’ Retirement System in a document dated Sept. 5.

The former committed $18 million to the DRA fund, and the latter committed $10 million.

The investments closed on Aug. 9, according to the city’s retirement officer.

Both plans have previously invested in DRA funds six, seven, eight and nine in the past.

In August, DRA reported it had raised $472.5 million for the fund from a total of 17 investors. The value-added real estate fund will invest in a diversified portfolio of office, industrial, multifamily and retail properties in primary and sec