Kern County (Calif.) Employees Retirement Association (KCERA) has committed $100 million to real estate funds, including vehicles managed by Fortress Investment Group and Merit Hill Capital.
Fortress CRE Enhanced Income Fund received $60 million for its open-end, value-added strategy which will provide commercial first mortgages, mezzanine loans, preferred equity and bridge financing, with 85 percent of the portfolio located in the United States and the remaining capital to be invested in Europe. The fund will invest in multifamily, industrial/logistics, hospitality, office and retail funds.
Merit Hill Self-Storage VI, a closed-end, opportunistic fund, received $40 million to invest in self-storage assets across the United States. The fund also plans to acquire assets from private, non-institutional owners and add value through rent increases, lease-ups, expansions, conversions and capital improvements.
KCERA had $6.6 billion in total assets under management, as
