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.
