Seattle commits $15m to real estate
The $2.4 billion Seattle City Employees’ Retirement System has committed $15 million to Brookfield Strategic Real Estate Partners II, according to recent meeting documents.
The fund, managed by Brookfield Asset Management, is a global opportunistic fund that seeks commercial investment properties.
Other recent commitments to the fund have come from the State Universities Retirements System of Illinois and the South Carolina Retirement System Investment Commission.
The pension fund has a 12 percent target allocation to real estate and an actual allocation of 10.9 percent. This is the pension fund’s first commitment to a Brookfield fund.