Contra Costa County Employees’ Retirement Association has approved a $75m (€69.9m) commitment to PCCP Equity IX, an opportunistic US real estate credit fund.
The pension fund said in a meeting document that the commitment marks its first relationship with the fund’s manager, PCCP.
It is currently unknown how much capital PCCP intends to raise for Fund IX. PCCP Equity VIII, the previous fund in the series closed at $1bn in 2019, according to industry sources.
Fund IX is expected to target industrial, multifamily and office assets with a 30% allocation each with other property types such as retail and hotel assets getting a 10% allocation.
The fund’s portfolio is expected to have leverage capped at 65% at the portfolio level and 30% on any new development opportunities.
PCCP did not respond to a request for comment.
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