The $6.2 billion Boston Retirement System has voted to commit a total of $50 million to two value-add funds.
The commitments include $40 million to TerraCap Partners V Fund, as well as $10 million to the Mesirow Financial Real Estate Value Fund IV. A spokesperson for the pension fund said both commitments are contingent upon regulatory approval and the contract process.
TerraCap Partners V, a value-add real estate fund managed by TerraCap Partners, has a fundraising target of $400 million and is on track to be the firm’s largest real estate fund to date, with $1.2 billion of buying power. TerraCap Partners V will invest in a variety of real estate sectors, including CBD office, hotel, industrial, mixed-use and multifamily.
The value-add Mesirow Financial Real Estate Value Fund IV, which is managed by Mesirow Financial, has a primary focus on the U.S. multifamily sector and a secondary focus on the student housing sector. As of May 4, the fund was more than hal
