The Educational Employees Retirement System of Fairfax County (Va.) (ERFC) has committed $14 million to two multifamily funds: Berkshire Multifamily Credit Fund IV and FPA Apartment Opportunity Fund IX. These commitments were made on Dec. 13, according to meeting materials.
The Berkshire Multifamily Credit Fund IV, managed by Berkshire Residential Investments, received $5 million. The core-plus closed-end fund invests in debt assets secured by multifamily properties in North America. A fundraising goal has not been disclosed.
The FPA Apartment Opportunity Fund IX, a vehicle of FPA Multifamily, received $9 million. The value-added closed-end fund focuses on acquiring and improving underperforming apartments in North America. This fund has a fundraising goal of $1.5 billion. Its predecessor in the series, FPA Apartment Opportunity Fund VIII, had an equity fundraising goal of $1.35 billion and closed at $1.45 billion in 2022.
ERFC is a public pension fund. It had $
