California pension fund invests $110m in real estate
The $3.7 billion Kern County (Calif.) Employees’ Retirement Association has committed $110 million to two real estate funds.
The pension fund committed $60 million to Colony Distressed Credit and Special Situations Fund IV, managed by Colony Capital. The opportunistic debt fund focuses on multifamily, hotel, office, retail, industrial and land properties globally. The $16.8 billion Teachers’ Retirement System of Louisiana also recently invested in the fund.
The pension fund also committed $50 million to Invesco U.S. Value-Add Fund IV. The fund, managed by Invesco Real Estate, is targeting $500 million in equity commitments and will invest across the four main property types. The