Missouri LAGERS puts $165m into value-add real estate funds

Missouri Local Government Employees Retirement System (LAGERS) is investing $165m (€141.4m) into value-add real estate funds managed by Blue Vista Capital Management and Portfolio Advisors.

The pension fund told IPE Real Assets that it has approved $105m into the Blue Vista Real Estate Partners V and $60m into Portfolio Advisors Real Estate Fund VII.

Brain Collett, the chief investment officer for Missouri LAGERS, said the pension fund invested with both managers in the past and it is satisfied with the performance of the previous funds.

Blue Vista plans to raise $500m for its fifth fund.

Partners V raised $307m in April at first close, according to sources that track capital raising.

The value-add fund will be investing in a mixture of US assets. The targeted net internal rate of return is expected to be in the range of 14% to 16%.

Portfolio Advisors’ Fund VII had a first closing in January with commitments of $100m. The fund manager will be looking to invest in value-add assets on a global basis.

Missouri LAGERS’ current $575m real estate portfolio is invested in either funds or co-investments with a value-add strategy.

 

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