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Indiana Public Retirement System places $50m in Longpoint Realty Specialty Grocer Fund
The Indiana Public Retirement System (INPRS) has backed Longpoint Realty Specialty Grocer Fund I with a $50 million commitment, according to a recent investment document.
Longpoint announced the final closing of Longpoint Specialty Grocer Fund I in March. The fund raised a total of $225 million in capital commitments from a diverse mix of institutional investors, exceeding its initial target of $200 million.
Longpoint Realty Specialty Grocer Fund I will focus on specialty grocery-anchored neighborhood retail centers in high-growth U.S. markets, such as Florida, Texas and California. The fund targets investments with grocery tenants catering to the unique shopping preferences of a neighborhood’s ethnic, racial or multicultural population, according to Longpoint.
The investment was made via INPRS’ real assets portfolio, which has a 7 percent allocation against a target of 10 percent.