The Alameda County Employees’ Retirement Association (ACERA) unanimously approved a $25 million commitment in AEW Partners Real Estate Fund VIII at this month’s meeting, communications manager Mike Fara confirmed in an email. This investment, pending final legal due diligence and negotiation, marks ACERA’s only current commitment to an opportunistic strategy within its real estate portfolio.
The $7.3 billion California public pension previously invested in AEW’s Value Investors II, a 2007 value-added fund that returned an equity multiple of 1.27 and a net IRR of 5.7 percent, according to board documents.
ACERA has an 8 percent target allocation to private real estate that currently stands at about 7 percent. Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.