OCTOBER 21, 2013

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SFERS invests $65m in opportunistic fund

by Andrea Waitrovich

The $15.6 billion pension San Francisco Employees’ Retirement System has confirmed a $65 million investment to CIM Fund VIII, managed by CIM Group. This is SFERS’ third commitment to a CIM fund; the retirement system made its initial commitment to the firm with CIM Fund III, a 2007 vintage year fund.

CIM Fund VIII launched in December 2012with a $2 billion fundraising goal. In August, it was reported the opportunistic fund had raised $553.8 million. The fund focuses on CBD office, hotel, multifamily and retail properties. The seven previous funds set up by CIM fell into one of three categories: opportunistic real estate (Funds I, II and III), core real estate (Funds IV and VI) or infrastructure (Funds V and VII).

SFERS has a 12 percent target to real estate and has an 8.7 percent actual to real estate.

Recently, SFERS approved

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