Mesirow Financial has so far raised $440m (€367.4m) for its latest US apartments fund, according to a potential investor.
The Connecticut Retirement Plans and Trust Funds (CRPTF) said in a meeting document that it is considering a $75m commitment to Mesirow Financial Real Estate Value Fund IV, a fund seeking to raise $750m as it targets a final close next month.
Fund IV expects to buy a mixture of core-plus to opportunistic apartment assets which can generate 10% to 12% net returns and 12% to 15% gross internal rate of return.
CRPTF said it is also considering a $50m commitment to Penzance DC Real Estate Fund II, a Penzance managed US value-add fund seeking a $350m fundraise with a $400m hard cap. As of the end of March, the fund had raised $275.5m.
Fund II will be making investments in the Washington, DC metro region. The manager will be investing in office, multifamily, retail and industrial sectors, including properties with life science and data centre components.
Penzance raised $255m for the predecessor fund in 2018.
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