City transit pension plan commits $25m to value-add real estate

The Retirement Plan for Chicago Transit Authority Employees has committed $25 million to Mesirow Financial Real Estate Value Fund II, a domestic value-add fund managed by Mesirow Financial, according to recently released board minutes.

The $500 million fund launched in September 2013, and had raised $321.2 million as of December 2014, according to a filing with the SEC. The fund focuses on renovations, repositioning, substantial lease-ups and management enhancements of multifamily properties nationwide. The fund splits investments geographically — West (35 percent), Midwest (10 percent), East (35 percent) and South (20 percent) — as well as between joint venture development (20 percent) and value-added acquisiti