TCRS invests $55 million in two real estate funds
The $36.3 billion Tennessee Consolidated Retirement System (TCRS) has committed a total of $55 million to two separate value-added real estate funds.
The pension fund committed $30 million to the recently announced closed Covenant Capital Apartment Fund VII, managed by Covenant Capital Group. The value-added apartment fund closed with $336 million in equity commitments. It invests in apartment communities in the Southeast and mid-Atlantic.
The other investment was $25 million to Normandy Real Estate Fund III, a value-added fund managed by Normandy Real Estate Partners. The vehicle launched in 2011 with a $500 million fundraising goal. It targets distressed assets, primarily office properties in the Boston-to-Washington corridor.
Both commitments are TCRS&r