The Kern County (Calif.) Employees’ Retirement Association (KCERA) has committed $75 million to Blue Owl Real Estate Fund VI (also referred to as Oak Street Real Estate Capital Fund VI), confirmed Daryn Miller, chief investment officer, KCERA.
Managed by Blue Owl Real Estate (formerly Oak Street Real Estate Capital), BOREF VI is seeking to raise $5 billion and will make value-add investments in freestanding, single-tenant, net-leased commercial properties occupied by investment-grade credit tenants with long-term lease contracts that include annual rent escalations.
BOREF VI will invest predominantly within the United States, though it may invest up to 25 percent in Canada and up to five percent outside of North America, where such properties are part of a portfolio acquisition of United States and/or Canadian assets.
As of March 31, 2023, 6.5 percent ($321.9 million) of KCERA’s $5.23 billion portfolio was allocated towards core real estate and 2.4 percent (
