Contra Costa County Employees’ Retirement Association (CCCERA) has approved $100m (€91.8m) worth of commitments into US multifamily and industrial funds managed by EQT Exeter.
The pension fund disclosed in a meeting document that it has made a $40m commitment to EQT Exeter Multi-Family Value Fund II and placed $60m into the recently closed EQT Exeter Industrial Value Fund VI.
So far, there is no available data on fundraising details of Multi-Family Value Fund II. The fund has a value-add investment strategy and will mainly target properties in education, technology and medical districts.
Contra Costa County has approved a second commitment with EQT Exeter that will boost its ownership and investments in the industrial sector.
Earlier this month, EQT Exeter Industrial Value Fund VI, a value-add US industrial real estate investment fund closed at $4.9bn.
As previously reported, other investors that have backed the fund include Texas Permanent School Fund, the Florida State Board of Administration and the Los Angeles Water and Power Employees’ Retirement Plan. The New York State Common Retirement Fund, Teachers’ Retirement System of Oklahoma and the New York State Teachers Retirement System also made contributions to Fund VI.
The value-add fund’s strategy involves acquiring, developing, renovating, leasing, operating, and selling industrial properties serving major markets throughout the US.
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