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AUGUST 29, 2013

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CCCERA invests $150 million in distressed real estate

by Andrea Waitrovich

The $5.95 billion Contra Costa County (Calif.) Employees Retirement Association (CCCERA) has approved two follow-on commitments to opportunistic distressed real estate funds.

CCCERA invested $80 millionin Oaktree Real Estate Opportunities Fund VI (ROF VI), managed by Oaktee Capital Management, and $70 million in Siguler Guff Distressed Real Estate Opportunities Fund II (DREOF II), managed by Siguler Guff Co.

Oaktree’s ROF VI, which has plans to hold a final close on or before Sept. 20, is targeting $2 billion in equity. It is expect the vehicle will surpass its fundraising goal. ROF VI has invested $430 million of committed capital in 22 investments. ROF VI invests across six major categories: commercial real estate, residential real estate, FDIC/bank portfolios, structured finance, non-U.S., and corporate real estate. Of the 22 investments, 50 percent of the invested capital is invested in comm

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