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Memphis Light, Gas & Water commits $25 million to real estate

Memphis Light, Gas & Water Division, Memphis, Tenn., committed $25 million to TerraCap Partners IV, a real estate fund managed by TerraCap Management, according to recently released pension board minutes.

It is the $1.4 billion pension fund's first commitment to a TerraCap fund, although the division's other post-employment benefit trust had previously committed to TerraCap Partners III, according to the minutes.

Investment consultant Gavion assisted.

Anne Walk, manager, treasury management, could not be immediately reached to provide further information.