Seattle City Employees’ re-ups in BSREP IV

The $3.7 billion Seattle City Employees’ Retirement System (SCERS) has committed $25 million to Brookfield Strategic Real Estate Partners IV (BSREP IV), a spokesperson for the pension fund confirmed in an email.

Brookfield Asset Management launched the $17 billion real estate fund in May. The vehicle will target investment opportunities in property assets and real estate operating companies in North America, Brazil, Europe and Australia.

BSREP IV is on track to become the firm’s largest real estate fund to date, surpassing the $15 billion predecessor fund, BSREP III. SCERS had previously committed $25 million to that fund, as well as $15 million to an earlier fund, BSREP II.

SCERS has a 12 percent target allocation to real estate.