Contra Costa County Employees’ Retirement Association has set a $375m (€328.5m) real estate pacing plan across 2026 and 2027, according to a board meeting document.
The US pension fund plans to commit $200m this year and $175m in 2027, mostly through fund commitments, under a pacing strategy set by consultant StepStone.
Commitments will continue to target funds pursuing value-add, opportunistic and core real estate debt strategies.
The pension fund’s real estate portfolio remains predominantly US-focused at 87%, with limited exposure to Europe and Asia.
Consultant StepStone has put forward two potential strategic changes for the pension fund’s consideration.
One option is exploring co-investments, which could lower fees and refine portfolio exposure, provided investment selection remains disciplined.
The consultant is also assessing a core strategy, an asset class Contra Costa County currently pursues only through core debt funds managed by Barings and Rialto.
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