Seattle City Employees' Retirement System approved two new real estate commitments totaling up to $50 million.
The $3.8 billion pension fund's board approved commitments of up to $30 million to Brookfield Strategic Real Estate Partners V, an opportunistic fund managed by Brookfield Asset Management, and up to $20 million to AG Europe Realty Fund IV, a value-added fund managed by Angelo Gordon at its Nov. 9 meeting, said Jason Malinowski, chief investment officer.
SCERS previously committed up to $25 million to Brookfield Infrastructure Fund V and up to $20 million to AG Asia Realty Fund V, both in 2022.
As of June 30, the pension fund's actual allocation to real estate was 12.1%; the target is 12%.
