SFERS approves commitment to multifamily fund
The $15.6 billion San Francisco City & County Employees’ Retirement System (SFERS) has approved a $40 million commitment to the Berkshire Multifamily Value Plus Fund III, managed by the Berkshire Group.
The Berkshire Multifamily Value Plus Fund III was launched in June 2011 with a $400 million fundraising goal. It will make debt and equity investments in multifamily assets, as well as target redevelopment and ground-up development.
The value-added fund will invest in multifamily assets in the United States. In January 2013, Berkshire held a $168.5 million first close. The fund is expected to close during second quarter 2013.