Memphis Light, Gas & Water Division has invested $25 million in TerraCap Partners V, IREI has learned.
TerraCap Partners V, a value-add property fund managed by TerraCap Management, opened to investors in March and is targeting $400 million in capital commitments. If the fund reaches its target, it will be TerraCap’s largest real estate fund to date and will have some $1.2 billion of buying power.
The vehicle is expected to invest across the real estate spectrum, in sectors such as CBD office, hotel, industrial, mixed-use and multifamily.
Memphis Light, Gas & Water joins Macomb County (Mich.) Retirement System as an investor in the fund. Macomb committed $18 million to the vehicle in September.
Memphis could not be reached to comment on the investment at the time of publication.
