San Diego City ERS Targets $100M to Real Estate; Terminates EM Debt Manager

The San Diego City Employees’ Retirement System is targeting $100 million in new non-core real estate commitments across three to four commitments during the 2023 fiscal year.

The $10.4 billion Retirement System reviewed the FY 2023 Real Estate Plan at the July investment meeting. According to meeting materials, $50-75 million will be targeted to sector specific strategies such as residential, logistics, healthcare, self-storage, data center, hospitality, and neighborhood/community retail. $25-50 million will be targeted to structured real estate debt.

The real estate plan also calls for the reallocation of $100 million in core debt to core plus. The Board anticipates $25 million in new core plus commitments per year over the next four years and will make $33 million in core debt redemptions per year for three years.

Also at the meeting, it was disclosed that the Stone Harbor Emerging Market Debt account was terminated as part of the restructuring of the Return-Seeking Fixed Income portfolio out of Emerging Market debt into Multi-Asset Credit.

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.


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