Maryland State Retirement and Pension System (SRPS) has approved a $100m (€95.4m) commitment to TruAmerica Multifamily’s latest US workforce housing fund.
The pension fund disclosed in a meeting document that it committed to the capital to TruAmerica Workforce Housing II in the latter part of 2024.
SEC filing from early last month showed the fund had secured $236m in capital commitments.
The target capital raise for the new fund is currently unknown.
TruAmerica previously closed its initial workforce housing fund in July 2021 with $575m in total commitments, exceeding its $400m target.
The fund manager has engaged Park Madison Partners as its placement agent to support capital raising efforts.
The pension fund classifies Housing II as a value-add fund. Housing II will focus on existing asset acquisitions and potential new developments.
TruAmerica did not respond to a request for comment.
Maryland SRPS, in collaboration with Meketa Investment, is reviewing its asset allocation and considering reducing its real estate allocation from 10% to 9%.
Currently, the pension fund’s real estate portfolio is valued at $6.75bn, representing 9.7% of total plan assets.
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