San Diego City Employees' Retirement System committed $35 million to Almanac Realty Securities IX for its $10.8 billion pension fund.
The pension fund's board approved the commitment to the closed-end, value-added real estate fund managed by Almanac Realty Investors at its Sept. 10 board meeting. The fund will invests in operating companies that own real estate assets. SDCERS is an investor in Almanac's prior fund, Almanac Realty Securities VIII.
Separately, SDCERS's board approved the investment plan for the private equity and infrastructure portfolio managed by GCM Grosvenor to commit about $175 million, with a range of $150 million to $200 million annually from fiscal year 2022 through fiscal year 2025. The program invests primarily in middle-market and lower-middle-market buyout, venture capital, growth equity, special situations, mezzanine and infrastructure managers.
GCM Grosvenor committed $160 million in fiscal year 2021, which ended June 30. In a report to the board, the manager said it expects to commit a total of $525 million over the next three years.
SDCERS had $10.3 billion in private equity and infrastructure as of June 30.