JULY 30, 2015

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CCCERA commits $100m to natural resources

by Zoë Wolff

The Contra Costa County (Calif.) Employees’ Retirement Association is committing $100 million to a separate account managed by Commonfund Capital’s natural resources team, according to recent board meeting documents.

The $6.5 billion pension fund previously committed $50 million to Commonfund’s Natural Resources Fund IX. Rather than investing in Fund X, the board has decided to restructure its investment to a separate account.

The board said it believes a separate account structure “will better align LP/GP interests and broaden the investment opportunity set.”

CCCERA’s capital is to be invested in primary fund investments, secondaries and co-investments in timber, agriculture, renewable energy and infrastructure. The fund will be open to opportunistic investment, though 50 percent to 60 percent of the capital will target primary investments.

The separate account is targeting a 7 percent preferred return for

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