CCCERA commits $50m to real estate fund

The $8.6 billion Contra Costa, Calif., Employees’ Retirement Association has committed $50 million to DLJ Real Estate Capital Partners (RECP) VI, according to board meeting minutes.

RECP VI is managed by DLJ Real Estate Capital Partners, a private equity real estate investment firm whose strategy is to acquire and develop residential and commercial properties in major urban markets and to enhance their value. DLJ RECP Fund VI targets properties in emerging neighborhoods in Boston, New York City and Los Angeles.

CCCERA remains constructive, with a 4 percent target and approximately $160 million availability to commit to the opportunistic real estate segment by the time of the commitment.

According to the documents, Fund VI will enable CCCERA to carry on the strong momentum from DLJ RECP Fund V, maintaining CCCERA’s opportunistic real estate exposure. As an anchor investor of Fund VI’s first close, CCCERA is also driving fund terms improvement to better align the long-term economics between LP and GP of DLJ RECP VI.

CCCERA has committed to every fund in the fund series. It committed $75 million to DLJ RECP V, $100 million to DLJ RECP IV and $75 million to DLJ RECP III.

CCCERA has a 4.8 percent target allocation to opportunistic and distressed real estate.