Tennessee Consolidated Retirement System (TCRS) has approved a $250m (€206.9m) commitment to Cortland’s US apartment fund.
The pension fund has approved the investment into Cortland Growth and Income Fund, an open-ended core-plus fund which targets net internal rate of returns of 8% to 10%.
TCRS told IPE Real Assets that Cortland’s strategy is to focus on suburban assets in Sun Belt markets which were attractive prior to the COVID-19 pandemic and may be more compelling in a post-COVID world.
TCRS also said, “Cortland is focused exclusively on the conventional multifamily property type and has a regionally based team of on-the-ground real estate professionals dedicated to sourcing transactions in their respective region.”
In September last year, TCRS also made a $100m investment into Cortland Enhanced Value Fund V, a value-add US apartment fund.
Cortland declined a request for comment.
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