TCRS commits $40m to real estate
The $44 billion Tennessee Consolidated Retirement System has committed $40 million to Normandy Real Estate Fund IV, pending legal review, according to JP Rachmaninoff, director of real estate for the pension fund. The value-added real estate fund is managed by Normandy Real Estate Partners. The pension fund previously committed $25 million to Normandy Real Estate Fund III, the fund’s predecessor, in 2013. Fund III invested in distressed office properties in the Boston-to-Washington, D.C, corridor. TCRS has a 7 percent target allocation to real estate.