The Sacramento (Calif.) County Employees' Retirement System committed $25 million each to Hines U.S. Office Value Added Fund II, AEW Value Investors II and Allegis Value Trust, all value-added real estate funds, said Jeffrey States, CIO of the $5.2 billion pension fund. The commitments will be funded from cash. Mercer Investment Consulting assisted.
Separately, trustees discussed the merits of investing in new areas such as 130/30 and portable alpha strategies. Trustees also discussed whether to incorporate environmental considerations such as investment screens and proxy-voting practices into the portfolio, but no decisions were made.