Contra Costa County Employees’ Retirement Association (CCCERA) has disclosed making $110m (€101.7m) worth of commitments into two non-core US real estate funds managed by Cross Lake Partners and Long Wharf Capital.
The pension fund said in a meeting document that it has placed $60m into the Cross Lake Real Estate Fund IV and backed the Long Wharf Real Estate Partners Fund VII fund with $50m.
Cross Lake is seeking to raise $400m for its opportunistic fund according to SEC filing last year.
The fund is expected to invest in built-for-rent residential housing and community developments in the Southwest, Mountain West and Southeast areas in the US. The fund is is also expected to place capital into special situations such as lodging and to provide rescue capital for select properties and subdivisions.
The Long Wharf vehicle, a value-add fund, targets investments in small to mid-size properties.
The fund is expected to mainly target light industrial, grocery-anchored shopping centres and multi-family properties. The fund could also target some alternative sectors such as life science office buildings and cold storage industrial properties.
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