Contra Costa Employees’ Retirement Association has increased its exposure to real estate with two new commitments totaling $50m (€42.9m), according to a meeting document.
One of the commitments is for $30m to support Cloud Capital Fund II, a global opportunity fund managed by Cloud Capital that invests in new data centres.
Contra Costa County has also commmitted $20m to the Cross Lake Real Estate Fund IV. The pension fund had previously issued a $60m commitment to the same fund.
The final close for Fund IV was in May of this year, with total commitments of $237m, according to its placement agent Hodes Weill Securities.
Fund IV targets land banking and development opportunities for single-family residential assets in the growing Mountain West and Sunbelt areas of the US.
It can also invest in special situations such as rescue capital for select subdivisions.
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