San Jose Police and Fire approves $21m in commitments

The US public pension has backed two North America real estate funds.

Institution: City of San Jose Police & Fire Department Retirement Plan
Headquarters: San Jose, United States
AUM: $3.59bn
Allocation to alternatives: 22.06%
Bitesize: $50-100m

City of San Jose Police & Fire Department Retirement Plan committed $11.50 million to Rockpoint Real Estate Fund VI and $9.50 million to Exeter Industrial Value Fund V. Rockpoint’s sixth real estate fund will target opportunity real estate throughout North America, while Exeter’s fifth industrial fund will also focus on North America, but will target value-add properties.

The $3.59 billion US public pension has a 3 percent target allocation to real estate that currently stands at 2.42 percent.

As illustrated in the charts below, the San Jose pension devotes 22.06 percent of its investment portfolio to alternative assets. The pension has a strong appetite for multi-sector funds that focus on North American properties.

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