Investors - DECEMBER 2, 2015

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SBCERA considers $20m real estate commitment

by Zoë Wolff

The $8.1 billion San Bernardino County (Calif.) Employees Retirement Association is looking to commit $20 million to Apollo U.S. Real Estate Fund II, according to recent meeting documents.

The fund, sponsored by Apollo Global Real Estate, is targeting $750 million in equity commitments and has closed on $360 million thus far. The fund will invest in middle-market properties in the top 25 U.S. metros, focusing on infill industrial, opportunistic office, and hospitality repositioning and recovery. Apollo U.S. Real Estate Fund I, the fund’s predecessor, closed in 2012 after raising $713 million, exceeding its $650 million fundraising target.

This commitment is part of $35 million the pension fund set aside for noncore real estate investments in the 2015 calendar year. SBCERA has a 9 percent target allocation to real estate; the pension fund’s actual allocation to the asset class is 6.6 percent.

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