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Alameda County Employees tops up commitment to real estate fund

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Alameda County Employees’ Retirement Association, Oakland, Calif., made a follow-on commitment of $50 million to PRISA III Fund.

The $11.9 billion pension fund approved the follow-on commitment to the open-end real estate fund managed by PGIM Real Estate at its May 19 meeting, spokesman Michael Fara said in an email.

The pension fund originally committed $10 million to PRISA Fund III in 2014. Mr. Fara did not reply to requests for further information on ACERA’s commitment history.

As of Dec. 31, the pension fund’s actual allocation to real estate was 6.3%; the target is 9%.