The $96 billion North Carolina Retirement Systems has committed a total of $450 million from its inflation sensitive portfolio to three funds managed by Landmark Partners, a private equity and real estate investment company specializing in secondary funds, according to Stephanie Hawco, strategic communications, media relations crisis management and public affairs spokeswoman for the pension fund.
The first commitment was $125 million to Landmark Real Estate Fund VIII, which recently held a $3.3 billion final close. The fund is in line with its predecessor funds and continues Landmark’s secondaries investment strategy of acquiring interests in existing funds, partnerships and other structured entities invested in underlying real estate globally.
The second commitment was $75 million to Landmark Real Estate Partners VIII Overflow, and the third commitment was $250 million to Landmark Real Assets Fund II.
“The platform is a separate account that has multiple sleeves. Some sleeves invest alongside commingled Landmark funds. Other sleeves are specific to North Carolina,” explained Hawco.
Landmark has formed 29 funds focused on real estate, real asset, venture, mezzanine, and buyout limited partnerships over the last 26 years. These funds have been capitalized at more than $15.5 billion.
North Carolina has a target allocation to real estate of 8 percent.