The Plymouth County Retirement Association is investing $35m (€30.7m) in the TA Realty Core Property Fund, at a time when many investors are waiting to redeem capital from core open-ended funds in the US.
According to another investor, who wished to remain anonymous, most US pension funds are waiting to see what happens to real estate capital values before committing capital to core funds.
The TA Realty fund is one of the newest of its kind, established in 2018 and having this week joined the NCREIF ODCE index, which tracks 25 open-ended funds with $206bn in net assets.
TA Realty is traditionally known for its value-add commingled real estate funds but has managed core assets through separate accounts.
Its core fund now manages $2.8bn in net assets, according to published reports.
Michael Haggerty, managing partner at TA Realty, said: “Joining the NFI-ODCE index reflects an important milestone in the growth of our core open-end fund.”
The article has been updated to show the TA Realty Core Property Fund has $2.8bn in net assets