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MLGW approves $50m in commitments

The US public pension has backed a pair of US real estate vehicles pursuing value-add returns.

Institution: Memphis Light, Gas and Water Retirement and Pension System
Headquarters: Memphis, United States
AUM: $1.33 billion
Allocation to alternatives: 26.65%

Memphis Light, Gas and Water Retirement and Pension System has agreed to commit $25 million apiece to Heitman Value Partners V and TerraCap Partners Fund V, according to minutes from the pension’s September board meeting.

The $1.33 billion US public pension has a 10 percent target allocation to real estate that currently stands at 15.17 percent.

As illustrated below, MLGW’s real estate fund commitments tend to target US value-add vehicles.

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