Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has approved a $100 million commitment to JEN Partners VII, the $500 million U.S. residential land fund managed by JEN Partners.
The vote was taken at Mass PRIM’s Dec. 1 board meeting.
IREI understands JEN Partners VII will invest in land parcels for future sale or repositioning to homebuilders. Target markets include Georgia, North Carolina, South Carolina, Florida, Texas, Arizona, California, Maryland and Colorado.
Mass PRIM has a long-term real estate asset allocation target range of 7 percent to 13 percent.
