San Diego City Employees' Retirement System committed up $30 million to Oaktree Real Estate Opportunities Fund VIII.
The $8.4 billion pension fund's board approved the closed-end, non-core, distressed credit real estate fund managed by Oaktree Capital Management at its Sept. 11 meeting, a summary of the meeting on its website shows.
The pension fund previously committed $40 million to Oaktree Real Estate Debt Fund II in 2017.
As of June 30, the actual allocation to real estate was 11.8%.
Separately, the board at the meeting approved terminating Copper Rock Capital Partners from its $53 million active international small-cap equity portfolio due to client outflows and personnel changes, specifically the retirement of Steve Dexter, Copper Rock's partner, chairman and chief investment officer.
Assets will be parked in a BlackRock-managed international equity index fund until a replacement manager is selected. SDCERS CIO Elizabeth Crisafi said in an email a recommendation for a replacement will be made to the board at its Nov. 13 meeting.
As of June 30, the actual allocation to international equities was 14.4%.
Investment consultant Aon Investments USA assisted with the termination.
