Fresno County (Calif.) Employees' Retirement Association, committed $150 million to two real estate funds, confirmed Doug Kidd, investment officer for the $5.8 billion pension fund. The FCERA staff committed $75 million each to Ares U.S. Real Estate Opportunity Fund III, run by Ares Management; and Oaktree Real Estate Opportunities Fund VIII, from Oaktree Capital Management.
The commitments were announced at the board's Dec. 2 meeting.
The pension fund's real estate portfolio is currently valued at roughly $240 million. FCERA has previously committed to an Oaktree fund. It is the first time the board has invested in an Ares fund.