SJCERA commits $45m to value real estate fund
The $2.85 San Joaquin County (Calif.) Employees’ Retirement Association has committed $45 million to Stockbridge Value Fund III, according to board meeting documents.
Stockbridge Value Fund III is a value-added real estate fund that will invest in multifamily, industrial, retail and traditional/medical office properties across the United States. Last month, the fund held a $355 million final close.
The fund had two predecessors in the series. Value Fund I was formed in June 2011 and held its final close in June 2012 with $218 million in capital commitments and Value Fund II was formed in January 2014 and held its final close in June 2015 with $321 million in capital commitments.
Stockbridge Value Fund III is managed by Stockbridge Capital Group, a real estate investment management firm based in San Francisco.
SJCERA has a target allocation to real estate of 10 percent.