Laredo Firefighters’ Retirement System backs Farallon, Raith real estate funds

The $190 million Laredo (Texas) Firefighters’ Retirement System has set aside $3 million for two real estate funds. The pension fund approved commitments of $1.5 million each to Farallon Real Estate Partners IV and Raith Real Estate Fund III.

Farallon Capital Management, a San Francisco–based firm that pursues multiple investment strategies on an opportunistic basis, launched Farallon Real Estate Partners IV in July. The vehicle will invest in opportunistic office, industrial, multifamily and retail assets in the United States. A fundraising target for the investment vehicle was not disclosed.

Raith Real Estate Fund III, an opportunistic real estate fund managed by Raith Capital Partners, opened in January. The vehicle will invest in debt secured by U.S. properties, including investment-grade and non-investment-grade CMBS, whole loans and mezzanine loans.

As of Sept 21, Laredo Firefighters’ Retirement System had a market value of $190 million.