Sacramento County (Calif.) Employees’ Retirement System will shift real estate assets run by PMRealty to SSR Realty, the fund’s other real estate manager, said CIO Jeffrey States. PMRealty, which is closing, was managing about $98 million for the $3 billion system, and SSR, a little more than $200 million, both in core strategies.
Trustees also decided to review the pension fund’s real estate strategy and determine what investment style they might want if they add a second manager. Trustees will adopt a plan and lay out a timeline at their March 20 meeting. They also will consider whether to hire a specialized real estate consultant, Mr. States said; the fund’s general consultant is Mercer Investment Consulting.
