ACERA intends to invest up to $175m in real estate in 2019.: Alameda County Employees’ Retirement Association (ACERA) intends to invest up to $175m (€154m) in real estate in 2019 and is broadening its strategy to include debt and international markets. The $8.1bn pension fund said in a board meeting report that up to 15% of its real estate allocation can now include foreign assets and debt investments. According to Callan, ACERA’s investment consultant, the move will provide geographical diversification and additional means of gaining real estate exposure.