Oklahoma Firefighters commits $100m to U.S. real estate funds

The Oklahoma Firefighters Pension & Retirement System has committed a total of $100 million to two closed-end real estate funds, IREI has learned.

The pension fund committed $50 million each to TerraCap Partners V, a value-add property fund managed by TerraCap Management, and Centerbridge Partners Real Estate Fund II, a real estate fund managed by Centerbridge Partners.

TerraCap Partners V opened to investors in March 2020 with a fundraising target of $400 million. The fund will invest in a variety of real estate sectors, including CBD office, hotel, industrial, mixed-use and multifamily.

With some $1.2 billion of buying power, this will be TerraCap’s largest real estate fund to date.

Oklahoma Firefighters joins the Hollywood (Calif.) Police Officers’ Retirement System, Memphis Light, Gas & Water Division, and Macomb County (Mich.) Retirement System as recent invest