Investors - OCTOBER 6, 2014

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Tennessee commits $110m to value-add real estate

by Reg Clodfelter

The Tennessee Consolidated Retirement System has committed $110 million to value-added real estate, sending $60 million to Berkshire Multifamily Value Plus Fund III and $50 million to Savanna Real Estate Fund III.

According to Blake Fontenay, communications director with TCRS, the $42.9 billion retirement system has been prudently building its noncore portfolio through commitments to GPs in an effort to move toward its target allocation of 20 percent, and TCRS felt that these two funds offered unique strategies that the system could not access through its separate account program.

As the name suggests, Berkshire Property Advisers MVPF III is a value-add vehicle targeting the multifamily segment. The fund focuses on properties in the United States and can use up to 25 percent of its capital for development projects. The fund, which launched in 2012,

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