Fresno (Calif.) City Retirement Systems committed $30 million to Grain Communications Opportunity Fund IV, an infrastructure opportunistic fund managed by Grain Management.
The joint boards of the Employees Retirement System and Fire and Police Retirement System approved the commitment at the Oct. 11 board meeting, said Chad Jacobs, investment officer at City of Fresno Retirement Systems.
Jacobs confirmed that this was the boards' first commitment to Grain Management.
Jacobs also confirmed that the joint boards also made a $30 million commitment to Blue Vista Real Estate Partners VI, a real estate value-added fund managed by Blue Vista Capital Management.
The joint boards had previously committed $20 million to Blue Vista Real Estate Partners V in 2018.
As of July 31, the retirement systems had $3.7 billion in assets, according to a total fund review document. As of that date, core real assets represented 10.1% of assets, infrastructure accounted for 5.6% and private real estate represented 4.8%.
The target allocations for these asset classes were 9%, 7% and 6%, respectively.