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PERS investment committee approves $75M TA Realty commitment, begins search to replace underperforming manager
Summary
The committee approved a $75 million commitment to TA Realty Value‑add Fund XIV, accepted the manager watch list and authorized searches to replace one underperforming growth manager; multiple investment lineup decisions for Tier 5 were also approved.
The PERS Investment Committee voted on Aug. 23 to commit $75 million to TA Realty Value‑Add Real Estate Fund XIV and approved staff recommendations to accept the manager watch list and initiate searches for one underperforming U.S. growth manager.
Jason Clark, head of PERS private markets, presented staff’s recommendation and said the TA Realty relationship dates to Fund X and yields a consistent track record: “Of the 4 value funds Mississippi purchased with TA, all 4 have an IRR of over 10% with the latest fund 13 over 16,” Clark said. Staff recommended a $75,000,000 commitment to Fund XIV, citing expected sector weightings in industrial and residential, plus…
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