Contra Costa County sets real estate pace for up to $500

The Contra Costa County Employees Retirement Association (CCCERA) plans to invest $300 million to $500 million (€291 million to €484 million) in real estate in the current fiscal year 2023, according to a pension fund investment. Consultant Verus clarified in meeting documents.

As part of its pace plan for fiscal year 2023, which began on July 1, CCCERA plans to issue commitments to three to five funds, one of which could be an unlimited value-add vehicle. I have.

The plan includes investments in funds focused on industrial, multifamily and non-traditional real estate sectors.

The $11.5 billion pension fund currently has a 5.9% real estate portfolio compared to an 8% allocation and a 10% long-term allocation.

CCCERA, which invests in real estate through its funds, invests 62% of its portfolio as opportunistic and 38% as value-added investments.

CCCERA will make a $100 million commitment to the value-added Invesco Real Estate US Fund VI Fund and a $75 million commitment to PCCP Equity IX, an opportunistic US real estate credit fund, in fiscal 2022. Approved, but set a $300 million real estate pacing plan.

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