Maryland State Retirement and Pension System (MSRPS) has invested in real estate funds managed by Tristan Capital and Federal Capital Partners (FCP).
The US pension fund told 麻豆映画 Real Estate it committed 鈧�60m to the Tristan European Property Investors Special Opportunities (EPISO) 4 and $75m (鈧�68.1m) to FCP Realty Fund III.
MSRPS invested in both funds鈥� predecessors, comitting 鈧�50m to EPISO 3 and $40m to FCP Realty II.
Tristan Capital that it had raised 鈧�1.5bn for the value-added real estate fund.
FCP, which specialises in value-added investments in US East Coast markets, is seeking to raise $550m for its third fund and plans to reach a final close in the first quarter of next year.
It will be the largest fund created by FCP, which raised $240m for its first fund in 2008 and $529m for its second fund in 2012.
FCP is targeting low double-digit net returns, using leverage up to 70%.
The fund will focus on apartments but can also invest in office, retail and industrial assets, and other niche sectors like self-storage.
It can invest in equity, preferred equity and mezzanine debt and has made 10 investments.
MSRPS has invested $3.37bn invested in real estate, representing 7.7% of its total $43.7bn portfolio.
The pension fund is therefore below its target allocation of 10%.
