Seattle City Employees commits to European real estate fund

Seattle City Employees’ Retirement System committed €15 million ($16 million) to Orion European Real Estate Fund V, managed by Orion Capital Managers, said Jason Malinowski, chief investment officer, in an email.

The $2.5 billion pension fund’s target allocation to real estate is 12%; the actual allocation as of Dec. 31 was 11.3%.

The Orion fund targets underperforming and poorly managed properties in Western Europe, and can invest in loans, portfolios or real estate companies, as well as in property across Europe. It is the pension fund’s first commitment to an Orion Capital Managers fund.