The $1.8 billion Chicago Transit Authority Employees Retirement Plan has committed $35 million to the Mesirow Financial Real Estate Value Fund IV, managed by Mesirow Financial, according to recently released board meeting minutes.
The value-add investment vehicle focuses on the U.S. multifamily sector, with a secondary focus on student housing.
In September 2018, Mesirow raised $567 million for the previous fund in the series, Mesirow Financial Real Estate Value Fund III. The fund received commitments from institutional investors across the United States, Europe and Australia.
The Chicago pension fund previously committed $25 million to Mesirow’s second real estate value fund in 2014.
As of Dec. 31, Chicago had a 14.5 percent allocation to real estate.
