San Diego City Employees' Retirement System committed $30 million to J.P. Morgan Strategic Property Fund, according to a recently released summary of the pension fund's May 18 board meeting.
J.P. Morgan Strategic Property Fund is a $16.3 billion open-end core real estate fund, according to the summary. Hewitt EnnisKnupp, the $5.3 billion retirement system's general investment consultant, assisted.
Separately, the pension fund's board is expected to meet with a bank loan portfolio manager “in the near future” to consider investing in the asset class, according to a Hewitt EnnisKnupp report to the board. “Bank loans offer favorable spread, with seniority in capital structure and provide hedge against rising rates,” the report noted. Hewitt EnnisKnupp did not name the bank loan manager.