The Ventura County (Calif.) Employees’ Retirement Association (VCERA) has approved a $35 million commitment to Alterra IOS Venture II, following the joint recommendation of the board of retirement and NEPC.
The pension fund said Alterra IOS had exceeded its $400 million fundraising target and was approaching its $500 million hard cap when an investor unexpectedly pulled out, freeing a slot for VCERA.
“We view this as an opportunity to invest with a strong, disciplined manager in an underexploited real estate market segment and believe it would be a good fit for VCERA’s real estate portfolio,” said the board.
Alterra IOS will invest in smaller, infill industrial outdoor storage (IOS) properties that will operate on triple-net leases. Alterra will pursue a range of value-added initiatives diversified by lease term, geograph
