Stanislaus County Employees' Retirement Association, Modesto, Calif., made three real estate commitments totaling $60 million, said Kellie Gomes, executive board secretary.
The $1.8 billion pension fund committed $30 million to American Strategic Value Realty Fund, an open-end, value-added fund managed by American Realty Advisors, and $15 million each to Greenfield Acquisition Partners VII, a closed-end, value-added fund managed by Greenfield Partners, and Morgan Stanley Prime Property Fund, an open-end, core real estate fund.
The commitments are the result of an increase in the real estate target to 3.5% from 1.5% in December 2013.
Investment consultant Strategic Investment Solutions assisted.
