City of Dallas puts $40m in value-add real estate

The City of Dallas Employees Retirement Fund has split a $40 million investment evenly between two value-add real estate managers: Brasa Capital Management and Long Wharf Real Estate Partners.

Specifically, the Texas pension fund committed $20 million each to Brasa Real Estate Fund II and Long Wharf Real Estate Partners VII.

The Brasa Real Estate Fund II opened to investors in March 2021. News sources report that the fund closed in late June, reaching its hard cap of $450 million.

Brasa Capital focuses on middle-market commercial real estate opportunities throughout the western United States and Texas. The firm targets transactions across the capital stack requiring $5 million to $25 million of equity.

Long Wharf Real Estate Partners VII opened to investors in January with a $500 million fundraising target. The vehicle is looking to invest in office, indus