The Pompano Beach (Fla.) Police & Firefighters’ Retirement System (PBPFRS), with $227.1 million of assets under management, has committed $5 million to TerraCap Partners (TCP) VI.
Managed by TerraCap Management Corp., TCP VI is seeking to raise $500 million and will make acquisitions of between $30 million and $120 million in diverse property types, from multifamily class A and B apartments to industrial properties.
According to PBPFRS’s Oct. 16 meeting minutes, TCP VI is looking to make acquisitions in fast growing markets such as Florida, Georgia, the Carolinas, Tennessee, Texas, Colorado and Arizona.
TCP VI creates value as an operator, meaning TerraCap Management Corp. will acquire properties and physically, financially and operationally manage them. The target is to hold properties for three to five years before selling.
PBPFRS’s $5 million commitment to TCP VI helped the retirement system to raise its private equity allocation back up to 5
