San Jose (Calif.) Federated City Employees Retirement System committed $11 million to Clarion Lion Industrial Trust.
The $2.5 billion pension fund closed the commitment to the open-end core real estate fund managed by Clarion Partners on Jan. 4, according to materials for its board's upcoming Jan. 21 meeting.
The pension fund is currently invested in the manager's Clarion Lion Properties Fund, said Ron Kumar, investment operations supervisor. The portfolio had $49 million in assets in the plan as of Sept. 30.
As of Sept. 30, the actual allocation to core real estate was 4.6%; the target is 5%.