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Investors - MAY 27, 2022

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GEM Realty Fund VII captures $25m commitment from Rhode Island Employees

by Kali Persall

The ​​Employees' Retirement System of Rhode Island (ERSRI) has contributed as much as $25 million to GEM Realty Fund VII, an opportunistic real estate fund managed by GEM Realty Capital.

Courtney Carter-DeJesus, deputy communications director for the Rhode Island Treasury, said this was a re-up commitment.

GEM is seeking to raise $1 billion for its latest opportunistic/value-add fund. The fund’s commitment period began on Nov. 1, 2021. As of January 2022, it has secured $350 million of capital commitments.

Like its predecessor vehicle, GEM Realty Fund VI, Fund VII’s investment objective is to create a diversified portfolio by investment strategy, property type and geographic location. Fund VI also had a target size of $1 billion.

The vintage period for Fund VII will run from 2022 to 2025. The investor base consists of pension funds, endowments, insurance com

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