Teachers’ Retirement System of Louisiana has made a $400m (€376.7m) commitment to Smart Markets Fund, Stockbridge’s open-ended US real estate fund.
Louisiana Teachers disclosed in a board meeting document that the Smart Markets Fund currently has a $52.5m entry queue. The fund’s redemption queue is $245.2m.
The Smart Markets Fund has a $3.3bn net asset value, with 40% in industrial, 26% multifamily, 20% retail, 8% office and 6% life sciences.
There are a total of 124 properties in the fund, with 49% located in the West, 28% in the South, 21% in the East and 2% in the Midwest.
Stockbridge declined a request for comment.
Louisiana Teachers also approved a $125m commitment to the Mesirow Financial Real Estate Value Fund V and placed $125m into Sculptor Real Estate Fund V.
As reported previously, Mesirow Institutional Real Estate Direct Investment is seeking to raise $1.2bn for the fund.
According to the Louisiana Teachers meeting document, Mesirow has so far raised $735m for the fund which will invest in value-add properties located in the top 25 to 30 markets throughout the US.
As previously reported, Sculptor Capital’s Fund V, an opportunistic real estate fund, will focus on acquiring alternative US assets such as gaming properties, hotels and senior housing.
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