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March 18, 2021 12:19 PM

El Paso Firemen & Policemen targets $14 million to real estate fund

Pension fund also moves to redeem small-cap equity position

James Comtois
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    El Paso (Texas) Firemen & Policemen Pension Fund committed $14 million to TerraCap Partners V, a value-added real estate fund managed by TerraCap Management, said Tyler Grossman, executive director of the $1.8 billion pension fund.

    The board approved the commitment at its Wednesday meeting.

    The fund is a new allocation for the plan and its first in value-added real estate. A funding source has not been determined.

    In addition, the board at its Feb. 17 meeting agreed to redeem its position from a small-cap value equities strategy managed by William Blair & Co., due to a change in management. The pension plan had $57.5 million in the strategy.

    Mr. Grossman said that of that amount, $45 million was moved to a small-cap value index fund managed by Northern Trust Asset Management, while the remaining $12.5 million was reallocated to a small-cap growth equities strategy managed by William Blair, bringing the total of the plan's investment in that mandate to roughly $85 million.

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