Connecticut Retirement Plans and Trust Funds (CRPTF) is weighing a $125 million commitment to Penzance DC Real Estate Fund III and a $75 million commitment to Homestead Capital USA Farmland Fund IV.
The Penzance fund, which is seeking to raise $500 million and has a hard cap of $700 million, will invest opportunistically in industrial, multifamily and data center properties in the greater Washington, D.C., metropolitan area, as well as elsewhere in the U.S. mid-Atlantic region.
This is CRPTF’s second commitment to Penzance, the Washington, D.C.–based firm; CRPTF had invested $50 million in Penzance DC Real Estate Fund II in May 2021.
Managed by San Francisco–based Homestead Capital, Farmland Fund IV will acquire and manage small and midsized farms (targeting transactions between $5 million and $25 million) where value-add can be generated through capital investment and/or repositioning. Farmland Fund IV will allocate up to 15 percent of its capital to debt
