Institution: Fresno County Employees’ Retirement Association
Headquarters: Fresno, United States
AUM: $4.42bn
Allocation to alternatives: 22.75%
Bitesize: $10-50m
Fresno County Employees’ Retirement Association has committed $30 million to Kennedy Wilson Real Estate Fund VI. The value-add fund will invest in real estate across the western United States in areas where science, technology, engineering and mathematics are expanding. Capital raised will fund retail, office, and multifamily real estate projects.
The $4.42bn public pension has a 5% target allocation to real estate that currently stands at 4.68%.
As illustrated in the charts below, FCERA allocates 22.75% to alternative assets. The pension has a significant appetite for value-add real estate funds that invest in North American properties.
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