Secured Capital Japan, Tokyo, has announced the formation of a discretionary fund in conjunction with the California Public Employees' Retirement System, Pacific Life Insurance Co., and other institutional investors to invest in Japanese real estate.SCJ will manage the commingled fund, which will acquire approximately $500-550 million of multifamily, office, retail, and industrial properties in Japan, according to J-P Toppino, SCJ's chief investment officer. SCJ will also co-invest in the fund to "align interests" with CalPERS, Pacific Life, and its other institutional investors, the company said.

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