Contra Costa County Employees Retirement Association (CCCERA) plans to make $400m (€380.5m) worth of real estate investments in 2024, according to its investment consultant Verus in a meeting document.

So far, the pension fund has made $310m worth of real estate commitments to funds as part of investments planned for 2023. CCCERA may invest its 2024 capital into three to five commingled funds, depending on market conditions.

Verus recommends that in 2024, CCCERA should consider broadly diversified funds with an emphasis on industrial, multi-family and non-traditional sectors. The capital for 2024 could be invested into anyway from three to five funds.

The consultant holds a positive outlook for opportunistic real estate, a negative view for core real estate, and a neutral stance for both value-add and real estate investment trusts.

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