Two San Jose, Calif., pension funds disclosed new core real estate commitments totaling $296 million, said Dhinesh Ganapathiappan, investment officer, in an email.
The $3.6 billion San Jose Police & Fire Department Retirement Plan and $2.1 billion San Jose Federated City Employees Retirement System disclosed commitments of $109 million and $65 million, respectively, to BlackRock U.S. Core Property Fund, and $76 million and $46 million, respectively, to Clarion Lion Properties Fund, managed by Clarion Partners.
For both pension funds, the target to core real estate is 5%. As of March 31, the police and fire pension fund and federated city pension fund's actual allocations to core real estate were 4.1% and 3.5%, respectively.