SBCERA to commit $150m to real estate, debt and infrastructure

The $9.1 billion San Bernardino County (Calif.) Employees’ Retirement Association plans to commit $150 million to real estate, debt and infrastructure, according to board meeting documents.

According to the document, a potential commitment would be $15 million to Kayne Anderson Real Estate Partners V, an opportunistic fund that invests in niche, alternative real estate sectors including medical office, senior housing and student housing. Kayne Anderson is seeking to raise $1.2 billion for the fund.

The new investment plan will be a part of a Master Custodial Account with Kayne Anderson Capital Advisors. The account will run over a multi-year period and can increase in size in the future. The plan is subject to due diligence and negotiation of legal documents.

As of June 30, San Bernardino County has a target allocation to real estate of 9 percent and an actual allocation of 5.3 percent.