Memphis–based pension commits $25m to real estate
The $1.4 billion Memphis Light, Gas & Water Division has committed $25 million to TerraCap Partners IV, according to board meeting documents.
TerraCap Partners IV, a real estate fund managed by TerraCap Management, will invest in value-added properties throughout the United States. The fund recently opened in first quarter 2017.
It is the pension fund’s first commitment to a TerraCap fund, although the division’s other post-employment benefit trust, MLGW Retirement and Pension Fund, had previously committed to the fund’s predecessor, TerraCap Partners III, according to the documents. Fund III held a $125 million final close in May 2016.