San Diego City Employees' Retirement System committed $30 million to NREP Nordic Strategies Fund IV, a closed-end, value-added real estate fund.
The $8 billion pension fund's board approved the commitment at its meeting Nov. 8, a video of the meeting posted on the pension fund's website shows.
It is SDCERS' first investment in a fund managed by NREP. The non-core fund invests in Denmark, Finland, Norway and Sweden, with a target net return of 13%.
As of June 30, the actual allocation to real estate was 10.5%; the target is 13%.
Real estate consultant Townsend Group assisted.