Jacksonville Police & Fire completes noncore real estate commitments for the year
The Jacksonville (Fla.) Police & Fire Pension Fund (PFPF) has approved a $7.5 million commitment to a healthcare-focused, value-add real estate fund, Hammes Partners Fund IV, on behalf of its noncore real estate program.
Hammes Partners Fund IV has a target size of $675 million, with a hard cap of $725 million.
According to a meeting document from Nov. 16, the investment is consistent with PFPF’s goal of identifying complementary, nontraditional / niche sector strategies with tailwinds supported by demand drivers that are delinked from economic cyclicality, such as healthcare, housing, and/or storage-related strategies.
PFPF expects the life of the fund to run approximately 10 years, with the possibility for two one-year extensions. Hammes will begin to call committed capital from investors in early 2022 and