Investors - OCTOBER 28, 2014

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UPDATED: CCCERA commits $240m to noncore real estate

by Reg Clodfelter

The Contra Costa County (Calif.) Employees’ Retirement Association has committed $240 million — 3.3 percent of the $7.3 billion pension fund’s assets — in follow-on commitments to noncore real estate, divided among four managers, confirms Gail Strohl, chief executive officer with CCCERA.

Torchlight Debt Opportunity Fund V received $75 million, AG Realty Fund IX and Oaktree Real Estate Opportunities Fund VII each received $65 million, and $35 million went to Invesco U.S. Value Add Fund IV. The pension system does not invest in core private real estate.

“We’ve chosen to have a capital appreciation–oriented program rather than an income-oriented program, and therefore core is not a significant portion of it,” explains Timothy Price, chief investment officer with CCCERA.

“We really treat REITs as the proxy for the core portion. We are a long-term holder, so if we are going to hold an asset for 15 or 20

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