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Investors - MARCH 14, 2018

Chicago Policemen commits $10m to real estate value fund

by Jody Barhanovich

Chicago Policemen’s Annuity & Benefit Fund has committed $10 million to Mesirow Financial Real Estate Value Fund III, according to Aoifinn Devitt, the pension fund’s CIO.

Mesirow Financial Real Estate Value Fund III is managed by Mesirow Financial, an independent financial services firm based in Chicago. The value-added real estate fund will invest in multifamily assets throughout the United States. The firm is seeking to raise $750 million in total equity commitments for the fund and has raised $351 million so far, according to a filing with the SEC.

The fund’s predecessor, Mesirow Financial Real Estate Value Fund II, held a $542.45 million final close in June 2015, exceeding its $500 million fundraising goal.

Chicago Policemen’s Annuity & Benefit Fund has a target allocation to real estate of 5 percent.

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