Contra Costa County Adds $200M to Real Estate, Private Equity
Contra Costa County Employees’ Retirement System, which manages $10.4 billion in assets and headquartered in Concord, CA, allocated $200 million across real estate and private equity, according to recently released board meeting documents.
The changes come after trustees examined the portfolio’s 2.7% return in the first quarter. The total program was -4.9% for the fiscal year ending March 31, 2023.
Cross Lake Real Estate Fund IV, administered by Cross Lake Partners, has received a $60 million commitment. The closed-end opportunistic real estate fund invests in build-to-rent residential housing and community developments throughout the American Southwest, Mountain West, and Southeast.
Long Wharf Real Estate Partners Fund VII, administered by Long Wharf Capital, received a $50 million commitment. The fund is a closed-end value-add real estate investment trust that invests in small to mid-sized domestic properties such as light industrial, grocery-anchored retail centers, multi-family, life science labs and cold storage.
Private real estate investments, which total $592 million, were down 3.4% in the first quarter at Contra Costa County.
Middle market investor TA Associates’ TA XV fund was chosen to manage $90 million in private equity, which was down around 1% in the first three months of 2023.