California-based pension commits $125m to value-added funds
The $6.9 billion Contra Costa County (Calif.) Employees’ Retirement Association has allocated $125 million to new value-added real estate investments. The first commitment was an allocation of $75 million to LaSalle Income & Growth Fund VII, managed by LaSalle Investment Management. The closed-end fund focuses on investments in U.S. office, industrial, mixed-use, multifamily and retail properties. LaSalle is seeking to raise $750 million in equity commitments for Fund VII. The second commitment was an allocation of $50 million to Long Wharf Real Estate Partners V. The closed-end fund focuses on investments in U.S. properties. CCCERA previously committed $25 million to Long Wharf Real Estate Partners IV in May 2013 and $75 million to LaSalle Income & Growth Fund VI in November 2011. CCCERA has a target allocation to real estate of 13 percent and an actual allocation of 12.9 percent.