Teachers’ Retirement System of Louisiana has approved a $125m (€107.5m) commitment into the Bell Partners Growth and Income Fund, according to the pension fund’s board meeting document.
A final close on the fund is projected for in June this year, as written in the document by Louisiana Teachers’ real estate investment consultant, StepStone.
The commingled fund has a $1.5bn target and a $2bn hard cap. Bell Partners has issued a co-investment into the fund of $10m.
The fund has an investment strategy to buy apartment assets that have core plus attributes. This would be the acquisition of existing properties that are in need of a light renovation to add value in the future.
The fund will be investing in a variety of markets around the country. These include, Atlanta, Boston, Dallas, Denver, the San Francisco Bay Area, Seattle, and Washington.
It is projected that there will be a total of 15 to 30 investments made for the fund with the investment transactions ranging from $50m to $200m.
The commitment by Louisiana Teachers will represent its first core investment during the 2026 fiscal year. The pension fund now has another $75m in its pacing plan for the sector.
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