Fresno (Calif.) City Retirement Systems committed $50 million to Brookfield Strategic Real Estate Partners III, an opportunistic real estate fund managed by Brookfield Asset Management, said Robert Theller, retirement administrator, in an email.
The $3 billion pension funds issued an RFP in March to commit up to $60 million in closed-end real estate funds. The commitment is subject to legal review of all fund documents and background investigations, Mr. Theller said.
As of June 30, the actual allocation to private real estate was 9.4%; the target is 13%.
Investment consultant NEPC assisted.