SDCERS invests $20 million in European real estate fund
The $5.8 billion San Diego City Employees’ Retirement System (SDCERS) has approved an investment of €15 million ($20 million) in Europa Fund IV, according to minutes from an Aug. 8 board meeting. In the recommendation, SDCERS investment officer Jamie Hamrick, notes that the pension fund’s real estate consultant, Hewitt EnnisKnupp (HEK), determined that the fund meets the real estate investment criteria and portfolio objectives of the firm. The SDCERS 2013 fiscal year real estate investment plan aimed to commit up to $40 million to noncore real estate strategies, according to documents from the pension fund. The $20 million investment in Europa Fund IV fulfills the remaining amount of the planned $40 million commitment to noncore strategies.