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SDCERS to invest $190 million in real estate by 2018

by Reg Clodfelter

At a Sept. 19 board meeting, the San Diego City Employees’ Retirement System (SDCERS) approved a plan proposed by the pension fund’s investment consultant, Hewitt EnnisKnupp (HEK), to allocate $190 million to real estate by 2018. Additionally, HEK recommended that the pension fund allocate a separate $40 million to noncore funds in 2013.

The decision was made as part of an initiative to raise the real estate allocation in SDCERS’ portfolio from its current level of 9.8 percent ($570 million) to the target level of 11 percent. HEK has recommended the $5.8 billion pension fund begin by allocating $20 million each to Mesa West Real Estate Income Fund III and Europa Fund IV in 2013.

Mesa West Real Estate Income Fund III is a value-added real estate debt fund managed by Mesa West Capital. It will

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