Stanislaus County confirms $20m commitment

The Modesto-based public pension has backed Grandview Partners' second core real estate vehicle.

Institution: Stanislaus County Employees Retirement Association
Modesto, US
$2.64 billion
Allocation to alternatives:

Stanislaus County Employees Retirement Association has announced a $20 million commitment to Grandview II, a contact at the US public pension informed PERE.

The fund, launched by Grandview Partners in August 2021, is a core real estate vehicle that seeks in invest in properties across North America. It follows Grandview’s previous vehicle, Grandview I-C, which held a final close in December 2020 having raised its target size of $99.5 million.

Recently, StanCERA has tended to invest in open-ended vehicles, including PGIM’s Real Estate US Debt Fund (Open-ended), as well as Morgan Stanley‘s Prime Property Fund Europe (open-ended).

With a target of 11 percent, Stanislaus County currently allocates 10.5 percent of its investment portfolio to private real estate, split across a 6.5 percent distribution to core real estate and a 4 percent distribution to value add real estate.

As illustrated below, StanCERA’s recent real estate commitments have tended to focus on North American core vehicles targeting a mixture of sectors.

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