Norfolk County (Mass.) commits $58m to real estate funds

The $1 billion Norfolk County (Mass.) Employees Retirement System has committed a total of $58 million to two real estate funds, according to Kathleen Kiely-Becchetti, executive director for the retirement system.

Norfolk County first committed $43 million to U.S. Real Estate Investment Fund, an open-end real estate fund managed by Boston-based investment adviser Intercontinental Real Estate Corp. The Intercontinental fund’s portfolio is diversified both by property mix and by geography, and its strategy is to seek opportunities to invest in both core and core-plus properties, as well as in value-added operating properties and development projects.

The second commitment was $15 million to TerraCap Partners IV, managed by TerraCap Management. The fund will invest in value-added properties throughout the United States.