Teachers’ Retirement System of Louisiana (TRSL) has approved a $400m (€368.4m) commitment to TA Realty’s open-ended core US real estate fund.
The pension fund said it has placed the capital into the TA Realty Core Property Fund.
Hamilton Lane, TRSL’s real estate investment consultant said in the pension fund’s meeting document that the TA Realty fund was attractive due to its experienced senior investment team, strategic portfolio construction, and consistent outperformance against the NPI benchmark.
The TA Realty Core Property Fund’s total gross return on a three-year basis was 9.3% versus a return of 4.6% for the NPI over the same time period.
The TA Realty Core Property Fund, which was established in 2018, has a current net asset value of $5.6bn with a total of 95 investments. The fund is overweight by 10.7% for industrial and 8.5% for multifamily. The underweight sectors are 16% for office and 3% for retail.
The fund has a $346.7m entry queue and a $352.1m redemption queue.
TA Realty did not respond to a request for comment.
TRSL disclosed in the meeting document that it has also made a $125m commitment to Kayne Anderson Real Estate Partners VII.
Kayne Anderson Capital Advisors is seeking to raise $3bn for the seventh value-add fund.
The manager raised $2.75bn for the sixth fund in the series which invests in medical offices, seniors housing and student housing assets that require and benefit from specialised operational knowledge and expertise.
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