The City of Fresno Retirement Systems approved a $15 million commitment to Pacifc Coast Capital Partners‘ latest fund, PCCP Equity Fund VIII, at the pension fund’s January 24 board meeting.
PCCP VIII will continue the firm’s strategy of investing opportunistically in equity real estate in the North American lower mid-market. According to Fresno’s investment recommendation, the fund will target a levered gross IRR of 18-20 percent and a net IRR of 14-16 percent.
The $3 billion US public pension previously committed $15 million to the predecessor vehicle, PCCP VII, in 2016. The $750 million seventh fund also targeted a levered gross IRR of 18-20 percent, according to presentation documents.
Fresno has a 15 percent target allocation to private real estate that currently stands at 13.3 percent.
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