SBCERA approves potential $50m commitment, consolidates consultants

The investment committee for the $7.6 billion San Bernardino County (Calif.) Employees’ Retirement Association approved a recommendation for a $50 million initial investment in Invesco Real Estate Asia Fund and made a move to potentially consolidate its consulting team.

The approval of the investment recommendation, which was confirmed by Don Pierce, chief investment officer with SBCERA, is subject to a decision by SBCERA’s Board of Retirement, which should be made at a May 1 meeting.

The investment committee also approved a motion to terminate its contract with The Townsend Group for real estate consulting and subsequently expand the scope of its general consultant, NEPC, to include real estate investment consulting. This decision is also subject to approval from the Board o