City of Jacksonville slates $25m for H.I.G. Realty Partners IV

The City of Jacksonville (Fla.) Retirement System has voted to commit $25 million to H.I.G. Realty Partners IV, managed by H.I.G. Realty Partners, according to a board meeting document from Sept. 23.

Fund IV will seek to invest in small-cap North American assets, with gross asset values typically less than $200 million. The fund specializes in the acquisition, rehabilitation and repositioning of capital-starved and/or poorly managed assets.

The fund deployed $86 million in five equity investments in 2020 and early 2021 in resilient asset classes such as multifamily, industrial and life science properties.

The City of Jacksonville said the commitment was part of its decision to move to noncore real estate with about $40 million of commitments annually. After reviewing H.I.G.’s background, the board determined the