Tennessee Consolidated Retirement System (TCRS) has committed $150m (€129.4m) to JP Morgan Asset Management’s latest US net lease real estate fund.
TCRS said it has backed JP Morgan Net Lease Real Estate Fund II, a fund that targets assets primarily in the industrial, outdoor storage and retail sectors.
JP Morgan Asset Management has raised $100m for its second US net lease real estate fund as of January 2026, according to a recent SEC filing.
The manager is seeking to raise $900m in total capital for the vehicle, which seeks to generate a net internal rate of return of between 13% and 16% with a 1.8x net equity multiple.
Fund II will focus on acquiring triple-net lease assets primarily through direct sale-leaseback transactions with middle-market businesses.
JP Morgan declined a request for comment.
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