Massachusetts pension fund commits $14m to real estate
The $195 million Westfield (Mass.) Contributory Retirement System has committed $14 million to two value-added real estate funds, according to Raymond Depelteau, CIO for the pension fund.
The pension fund committed $8 million to TerraCap Partners III, managed by TerraCap Management. The Westfield Contributory Retirement System previously committed $5 million to the fund’s predecessor, TerraCap Partners II, in 2013. Fund II held a final close of $102 million in 2013; the opportunistic fund focuses on office, retail, industrial, hospitality and land assets in the southeastern United States, specifically Florida.
Westfield also committed $6 million to Long Wharf Real Estate Partners V. The fund targets all property types across the United States. Other recent investors in the fund include the