The City of Phoenix Employees’ Retirement System (COPERS) has committed $30 million to Focus Senior Housing Fund III, a vehicle of Focus Healthcare Partners, while the Educational Employees Retirement System of Fairfax County (Va.) (ERFC) has committed $8.5 million.
This fund is a closed-end, value-added strategy that invests in senior housing in the United States. Focus Senior Housing Fund III aims to raise $750 million in total equity. Focus Senior Housing Fund II, its predecessor, raised $370 million, short of its initial target of $600 million.
ERFC, a public pension fund, had $3.5 billion in total assets under management, as of Dec. 31, 2025. As of then, it had $285 million in total real estate assets. As of Dec. 31, 2025, the fund had a 7 percent real estate allocation target.
As of Sept. 30, 2025, COPERS had $4 billion in total assets under management, with a 14 percent real estate allocation target and $448 million in total real estate assets under man
