The $3 billion Santa Barbara County (Calif.) Employees' Retirement System (SBCERS) has committed $10 million to the ABR Chesapeake Fund VI, managed by Alex. Brown Realty (ABR).
The ABR Chesapeake Fund VI is the sixth value-added limited partnership vehicle in the series, targeting commitments of $400 million.
The fund targets a 13 percent return by investing in value-added properties across asset classes that it can redevelop, reposition or recapitalize, including ground-up construction.
Its predecessor fund, ABR Chesapeake Fund V, held a final close in June 2017 at $200 million, $100 million underweight of its target.
SBCERS is planning to make a total of $50 million in real estate commitments this year. The commitment to ABR Chesapeake Fund VI is SBCERS’ first commitment toward that goal.
Last year, SBCERS also had a commitment target of $50 million to real estate. Actual commitments totaled $45 million and were made to five funds: $5 million t
