IREI has learned the San Francisco Employees' Retirement System (SFERS) has approved a $75 million commitment to TriGate Property Partners IV, an opportunistic fund managed by TriGate Capital.
Launched in February, the closed-end fund has raised $245 million from four investors, according to a fund research website. The Florida State Board of Administration committed $150 million to the fund in the first quarter of the year.
TriGate Property Partners IV will target debt and distressed properties throughout the United States, similar to its predecessor, TriGate Property Partners III. That fund closed with $340 million in capital in January 2017. An equity fundraising target has not been disclosed for TriGate Property Partners IV.
SFERS could not be reached to comment on the investment at the time of publication.
