City of San Jose Police & Fire Department Retirement Plan has outlined its private real estate pacing plan for the 2023-24 fiscal year from a recent investment committee meeting document.
The pension fund’s private real estate portfolio, which invests through value-add, debt and opportunistic strategies, is currently over allocated at 4.4 percent against the target of 4 percent. Additionally, the total private markets allocation of 20.5 percent is below the target of 25 percent.
In the recommended 2023-24 pacing plan the annual private real estate commitment will remain at $70 million, with a possible increase to $75 million in 2025-26.
The chart below shows a breakdown of the plan’s 20.5 percent private market portfolio by asset class.
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