Monroe County (Mich.) Employees Retirement System has committed $5 million to TerraCap Partners V, managed by TerraCap Management.
The value-add real estate fund opened to investors in March 2020 with a fundraising target of $400 million. 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 fund will invest in a variety of real estate sectors, including CBD office, hotel, industrial, mixed-use and multifamily.
Fund V is open until 2022 but was expected to close in October or November 2021, due to its success.
