Louisiana pension fund makes follow-on commitment
The $16.3 billion Louisiana Teachers’ Retirement System has made a follow-on commitment to a fund managed by Sares-Regis Group.
The Baton Rouge, La.–based pension fund invested $40 million in Sares-Regis Multifamily Value-Add Fund II, which is currently targeting $300 million in equity commitments. A planned close is scheduled for later this year. The commingled fund targets existing class B apartments — a mixture of garden, mid- and high-rise properties — located in the western United States, specifically Northern California and the greater Seattle area.
Other recent investors include the Ohio Bureau of Workers Compensation Fund, which committed $50 million commitment in March 2016.
In December 2015, Sares-Regis Multifamily Value-Add Fund II made its first investment. The fund purchased Vista Pointe Apartment Homes in Covina, Calif., from TIAA. Vista Pointe is near the Covina Center for the Performing Arts, Plaza West Covina M