Santa Barbara Retirement Targeting Up to $85M to Real Estate in 2023

Santa Barbara County Employees’ Retirement System reviewed their 2023 Real Estate Strategic Plan at the March board meeting.

According to the presentation from their real estate consultant Hamilton Lane, the goal for 2023 will be to target commitments between $65 million and $85 million to maintain the 10% long-term real estate target allocation. The commitments will be split between 6 to 8 closed-end, non-core funds with $10 million to $15 million per fund.

The focus will be on committing to the top existing managers, but they will also evaluate new and complementary managers. Hamilton lane suggests new commitments to value-add and opportunistic managers while also looking to reduce industrial exposure and increase exposure to other asset types.

As of February 28, 2023, the nearly $4 billion retirement system allocates 11.1% to real estate.

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