Mississippi Public Employees’ Retirement System (PERS) has made a $75m (€65.9m) commitment to TPG Angelo Gordon’s latest global value-add vehicle.
Mississippi PERS disclosed in a board meeting document that it has committed the capital to TPG Angelo Gordon Realty Value Fund XII, which has soft-circled total commitments in the range of $400m to $500m ahead of an expected first close next month.
The fund is seeking to raise $3bn, with a $4bn hard cap.
TPG Angelo Gordon is providing a co-investment of 1% of total commitments up to $40m.
Fund XII has so far committed $157m to NRP Group, a developer of market-rate and affordable housing assets throughout the US.
The investment will be split equally, with 50% of the capital coming directly from Fund XII and the remaining half sourced from the fund’s co-investment capital.
The fund targets net and gross internal rate of returns of 15% and 20% respectively, utilising a planned leverage range of 55% to 65%, with a maximum limit of 70%.
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