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Sign in Sign up for a FREE subscriptionTerraCap’s fourth property fund raises $311m
TerraCap Management Corp. has completed a final close of its TerraCap Partners IV fund, according to the IREI FundTracker database.
The value-add fund raised $311 million in capital commitments, exceeding its target of $300 million. It will invest in CBD office, hotel, industrial, multifamily, suburban office and warehouse assets across the United States.
It is TerraCap’s largest property fund.
Investors include the Monroe County (Mich.) Employees Retirement System, the Chicago Policemen’s Annuity & Benefit Fund, Norfolk County (Mass.) Retirement System, and Memphis Light, Gas & Water Division.
The fund had a NAV of $450 million, as of April.
The fund’s predecessor, TerraCap Partners III, followed a similar investment strategy and raised $125 million. It completed a final close in May 2016.
