San Diego City Employees' Retirement System committed $25 million to Sares Regis Multifamily Value-Add Fund IV.
The $10 billion pension fund's board approved the commitment to the value-added real estate fund at its Sept. 9 meeting, a video of the meeting shows.
It is the pension fund's first commitment to a fund managed by Sares Regis.
It is also the pension fund's first non-core real estate commitment of fiscal year 2023. SCDERS' real estate annual investment plan calls for a total of $100 million committed to three or four non-core strategies for the fiscal year ending June 30, 2023, according to a presentation included with board meeting materials.
As of June 30, the pension fund's actual allocation to real estate was 11.7%.
Real estate consultant Meketa Investment Group assisted.
