TerraCap Partners V, a value-add real estate fund managed by TerraCap Partners, has picked up the El Paso Firemen & Policemen's Pension Fund as an investor.
El Paso has committed $14 million to the fund, which is fixing to be TerraCap’s largest real estate fund to date with $1.2 billion of buying power, if the $400 million fundraising target is reached.
TerraCap Partners V will invest in a variety of real estate sectors, including CBD office, hotel, industrial, mixed-use and multifamily. Other investors in the fund include the City of Pontiac (Mich.) General Employees Retirement; the Hollywood (Calif.) Police Officers’ Retirement System; Memphis Light, Gas & Water Division; and Macomb County (Mich.) Retirement System.
TerraCap Partners V has completed its first close already and has scheduled a second close for the end of March.
This is a new manager for El Paso, according to a spokesperson for the pension fund. The fund has a $65 million real
