Michigan retirement system commits $5m to real estate fund

The $213 million Monroe County (Mich.) Employees Retirement System has committed $5 million to TerraCap Partners IV, according to board meeting documents.

TerraCap Partners IV is a real estate fund managed by TerraCap Management, a commercial real estate investment management company. The fund will invest in value-added properties throughout the United States. The fund opened in first quarter 2017.

The fund’s predecessor, TerraCap Partners III, held a $125 million final close in May 2016.