Fresno County (Calif.) Employees' Retirement Association committed $50 million total to two real estate managers, pending successful contract negotiations, said Donald Kendig, retirement administrator, in an e-mail.
The $3.9 billion pension fund committed $30 million to Kennedy Wilson Real Estate Fund V, a value-added fund, and $20 million to Gerding Edlen Green Cities III, an opportunistic fund managed by Gerding Edlen Development.
The other finalists were TA Associates Realty and Oaktree Capital Management for value-added and opportunistic, respectively.
The pension fund has a 5% real estate target allocation.
