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San Jose Police and Fire Retirement Plan approves $18m commitment

The US public pension has backed a North America-based value-add fund.

Institution: City of San Jose Police & Fire Department Retirement Plan
Headquarters: San Jose, United States
AUM: $3.59bn
Allocation to alternatives: 22.06%
Bitesize: $10-50m

City of San Jose Police & Fire Department Retirement Plan committed $18 million to DRA Growth and Income Fund X. Launched in 2019, the North American value-add fund will invest in multiple sectors that include retail, industrial, office and multifamily real estate.

The $3.59 billion US public pension has an 8 percent target allocation to real estate that currently stands at 2.42 percent.

As illustrated in the charts below, PFRP allocates 22.06 percent to alternative assets. The pension has a strong appetite for value-add and opportunity real estate across the globe.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.