City of Fresno commits $30m to high-yield real estate
The $2.5 billion City of Fresno Retirement System has committed $15 million each to PCCP Equity VII and Oaktree Real Estate Opportunity Fund VII, according to Rob Theller, retirement administrator with the retirement system.
“We thought that there was a good fit between the investment team, the management of both firms, and our boards’ philosophies,” explains Theller.
PCCP Equity VII, managed by PCCP LLC, is a $500 million opportunistic fund that targets office, multifamily, retail and industrial assets, though up to 20 percent of the fund’s capital may be used for development. Its predecessor closed in June 2013 after raising $246 million, according to IREI’s FundTracker database.
Oaktree Capital Management’s ROF VII is a $3.5 billion opportunistic fund that launched in 2014. The fund will target debt, land, mortgages, CMBS and distressed properties in the United States and Europe.
CFRS has a current alloc