Contra Costa County Employees Retirement Association (CCCERA) is expected to invest between $300m and $500m (€291m and €484m) in real estate in the current fiscal 2023 year, the pension fund’s investment consultant Verus disclosed in a meeting document.
As part of the pacing plan for the fiscal 2023 year which started on 1 July, CCCERA intends to issue commitments to three to five funds, one of which could be an open-ended value-add vehicle.
The plan includes investing in funds with an emphasis on industrial, multi-family and non-traditional property sectors.
The $11.5bn pension fund currently has a 5.9% real estate portfolio compared with an 8% allocation and a long-term allocation of 10%.
CCCERA, which invests in real estate via funds, has a 62% of the portfolio invested as opportunistic and 38% invested as a value-add investment.
CCCERA approved a $100m commitment to the value-add Invesco Real Estate US Fund VI fund and a $75m commitment to PCCP Equity IX, an opportunistic US real estate credit fund, in fiscal 2022 despite setting a $300m real estate pacing plan.
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