Contra Costa County approves $75m commitment

The US pension has backed PCCP's ninth-series opportunistic real estate vehicle.

Institution: Contra Costa County Employees’ Retirement Association
Headquarters: Concord, US
AUM: $11.02 billion
Allocation to alternatives: 25.1%

Contra Costa County Employees’ Retirement Association has confirmed a $75 million commitment to PCCP Equity IX, according to board materials from its May 25 retirement board meeting.

The fund launched in October 2020, targeting $1 billion in capital commitments. It will invest primarily in office, industrial, multifamily and retail and expects to invest in 40 to 50 investments with an average deal size of $25 million to $30 million in equity commitments.

For the previous fund in the family, PCCP raised $1 billion against a target of $750 million by its final close in September 2019 .

CCCERA has a target allocation of 8 percent to real estate. Currently, the pension allocates 6.4 percent of its total investment portfolio to real estate, comprising of a little over $700 million in capital.

Founded in 1998, Pacific Coast Capital Partners (PCCP) provides commercial real estate debt and equity capital solutions in the US.

As illustrated below, CCCERA’s recent real estate commitments have tended to focus on North American value-add vehicles that invest across the main real estate sectors.

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