San Jose Police and Fire approves $185m in commitments

The US public pension has backed two core open-ended funds, with a focus on North America.

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 $109 million to BlackRock US Core Property Fund and $76 million to Lion Properties Fund (managed by Clarion Partners). Both funds target diversified core investments in real estate throughout North America.

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 allocates 22.06 percent to alternative assets, with a focus on real estate funds across diversified strategies, sectors and regions.

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