The Public Employees’ Retirement System of Mississippi (PERS) has made a $75m (€64.4m) commitment to TA Realty’s latest value-add US real estate fund.
The pension fund disclosed in a board meeting document that it has backed the TA Realty Value-Add Fund XIV fund.
TA Realty declined to comment on the fund, which seeks to raise $2bn.
Fund XIV is expected to hold its initial closing this October, with the final closing expected in late 2026.
Mississippi PERS expects to receive discounts for being part of Fund XIV’s initial close, for the size of its commitment and for its status as a legacy investor from four previous TA value-add funds.
Fund XIV is expected to generate a 10% to 12% internal rate of return. Leverage will be limited to 50% of the fund’s total property value.
The commitment to the TA Realty fund represents the only real estate deal the pension fund has made so far in 2025.
Mississippi PERS said it intends to make $200m worth of real estate commitments in 2025.
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