Key Takeaways
- • The Alameda County Employees' Retirement Association (ACERA) has committed $25 million to the Fairfield Affordable Housing Preservation Fund, an open-end, core-plus vehicle sponsored by Fairfield.
- • The fund invests in multifamily and residential properties with a focus on affordable housing across the United States, according to Ask IRE.IQ, the market intelligence tool of Institutional Real Estate, Inc.
- • The fund launched in late 2022 with a target of $1 billion in equity; the Alaska Permanent Fund Corp. committed $300 million to it in 2022.
- • ACERA, a public pension, reported $14 billion in total assets under management as of March 31, with an 8.2 percent real estate allocation target and $831.6 million in real estate holdings.
Summary
The Alameda County Employees' Retirement Association (ACERA) has committed $25 million to the Fairfield Affordable Housing Preservation Fund, an open-end, core-plus vehicle managed by Fairfield, according to Institutional Real Estate, Inc.
According to Ask IRE.IQ, the market intelligence tool of Institutional Real Estate, Inc., the fund invests in multifamily and residential properties with a particular focus on affordable housing in the United States. The vehicle launched in late 2022 and has a target of $1 billion in equity. The Alaska Permanent Fund Corp. committed $300 million to the fund in 2022, a sizable anchor commitment that underscores institutional interest in the strategy.
ACERA, a public pension fund, had $14 billion in total assets under management as of March 31. At that time, the pension carried an 8.2 percent real estate allocation target and held $831.6 million in real estate assets. The $25 million commitment adds to the fund's institutional capital base as the vehicle works toward its $1 billion equity goal.
According to Ask IRE.IQ, the market intelligence tool of Institutional Real Estate, Inc., the fund invests in multifamily and residential properties with a particular focus on affordable housing in the United States. The vehicle launched in late 2022 and has a target of $1 billion in equity. The Alaska Permanent Fund Corp. committed $300 million to the fund in 2022, a sizable anchor commitment that underscores institutional interest in the strategy.
ACERA, a public pension fund, had $14 billion in total assets under management as of March 31. At that time, the pension carried an 8.2 percent real estate allocation target and held $831.6 million in real estate assets. The $25 million commitment adds to the fund's institutional capital base as the vehicle works toward its $1 billion equity goal.
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