The Tennessee Consolidated Retirement System (TCRS) has approved a maximum commitment of $250 million to CBRE U.S. Logistics Partners, with the initial commitment not to exceed $150 million.
So far, $85 million has been called, and a spokesperson for the pension fund said TCRS expects to receive an additional call for the remainder, before the end of 2021. TCRS has not increased its commitment beyond the initial $150 million but continues to evaluate the possibility of an increase.
CBRE U.S. Logistics Partners is an open-ended, commingled fund that will invest in industrial assets in the United States. The fund is focused on industrial real estate opportunities, specifically intermodal, warehouse-distribution and fulfillment facilities. The perpetual life vehicle is expected to total $1 billion.
TCRS also approved an election to participate in the Dividend Reinvestment Program (DRIP), where quarterly fund dividend distributions are reinvested in additional share
