Maryland commits $75m to real estate
The $45.8 billion Maryland State Retirement & Pension System has committed $75 million to FCP Realty Fund III, according to Michael Golden, director of external affairs for the pension fund.
The fund, managed by Federal Capital Partners, is targeting $550 million and will invest in multifamily, office, retail, industrial, manufactured housing and self-storage assets in the eastern United States.
The pension fund previously committed $40 million to FCP Realty Fund II in 2012, which closed that same year with $529.2 million in equity commitments. As of November, Fund II has acquired 6,926 multifamily units, 667,005 square feet of office space, 1,022 self-storage units and 790 student housing units.