The $567 million City of Pontiac (Mich.) General Employees Retirement has approved a $5 million commitment to TerraCap Partners V, a value-add real estate fund managed by TerraCap Partners.
TerraCap Partners V opened to investors in March 2020 with a fundraising target of $400 million. If the fund reaches its target, it will be TerraCap’s largest real estate fund to date and will have some $1.2 billion of buying power.
The fund will invest in a variety of real estate sectors, including CBD office, hotel, industrial, mixed-use and multifamily.
According to the Pontiac pension fund, TerraCap Partners V has completed its first close already and has scheduled a second close for the end of March. Other pension fund investors in the
