The Public Employees’ Retirement System (PERS) of Mississippi has placed an initial $100m (€95m) into the TA Realty Core Property Fund with a future plan to triple the commitment to the open-ended US fund.
The pension fund disclosed in a meeting document that its long term plan is to invest $300m (€285m) in total in the open-ended TA Realty fund.
PERS of Mississippi selected TA Realty following a core open-ended fund manager search which led to CBRE Core Partners and Clarion Lion Properties Fund being shortlisted.
The initial commitment is expected to be called by TA Realty sometime this year as the fund has a $560m entry queue and no redemption queue. TA Realty has over $1bn invested in the ODCE index fund established in 2018.
At the end of last year, the $7bn TA Realty Core Fund had 40% of its assets under management in industrial and 42% in multifamily. The balance of the fund is 12% in office and 6% in retail.
PERS of Mississippi disclosed in the meeting document that TA Realty has 15 investments in its acquisition pipeline worth $1.09bn. The pipeline includes eight industrial deals worth $415m, four multifamily deals worth $522m and three retail transactions worth $154m.
TA Realty declined a request for comment.
To read the latest edition of the latest IPE Real Assets magazine click here.
