Contra Costa County pours $110m into Cross Lake, Long Wharf real estate funds
The Contra Costa County (Calif.) Employees’ Retirement Association (CCCERA) has backed two real estate funds managed by Cross Lake Partners and Long Wharf Real Estate Partners.
CCCERA committed $60 million to Cross Lake Fund IV, a closed-end opportunistic real estate fund that targets investments in built-to-rent residential housing and community developments in the Southwest, Mountain West and Southeast regions. It also can invest in special situations, such as lodging, and provide rescue capital for select properties and subdivisions.
The pension fund also invested $50 million in Long Wharf Real Estate Partners Fund VII, a closed-end value-add real estate fund focused on light industrial, grocery-anchored shopping centers, multifamily and select alternative sectors, such as life science labs and cold storage.
CCCERA previously invested in the fourth, fifth and sixth funds in the Long Wharf series, according to a recent board-meeting document.