Orange County Employees’ Retirement System (OCERS) has issued a $125m (€124.4m) commitment to the open-ended Cortland Growth and Income Fund.
The US apartment fund, launched by Cortland in 2018, holds $6.3bn worth of properties on a gross basis with a $3.5bn net asset value.
The fund targets gross returns of 10% to 12%. The fund targets 60% of its returns to be gained from income and 40% from appreciation.
The commitment from OCERS represents the pension fund’s first core commitment this year. As previously reported, OCERS intends to make two $100m commitments into specialist open-ended core or core-plus funds.
The pension fund has also added EQT Exeter to its manager lineup by making a $50m commitment to EQT Exeter Industrial Value Fund VI, an industrial real estate fund which targets a gross internal rate of return of 16% to 18%.
As previously reported, EQT Exeter’s latest value-add US industrial real estate fund is expected to have a $4bn final close at the end of this month.
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