Kern County (Calif.) Employees Retirement Association (KCERA) has approved a $30 million commitment to Covenant Apartment Fund X, a closed-end value-add fund managed by Covenant Capital Partners.
KCERA voted on the commitment at its Aug. 12 board of retirement meeting, according to an agenda document.
Targeting $400 million, the fund opened to investors in February and will invest in multifamily properties in large mid-Atlantic and Southeast markets.
The fund’s predecessor, Covenant Apartment Fund IX, was looking to raise $395 million to invest in value-add apartment properties across the United States. The fund hit its target and closed in December 2018.
