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Alternative Assets  + Real Estate  |  January 30, 2025
Boston Retirement Earmarks $20M to Real Estate Portfolio 
Joe Palmisano
By: Joe Palmisano

Boston Retirement Earmarks $20M to Real Estate Portfolio 

The $7 billion Boston Retirement System has concluded its real estate search, initiated last year for value-add and opportunistic strategies, by selecting two funds after a comprehensive review of multiple firms. 

The retirement system allocated $10 million to AEW Partners Real Estate Fund X, managed by AEW Capital Management, which aims to raise $2 billion for investments across office, industrial, retail, multifamily, and senior living sectors. The fund is also part of the Teacher Retirement System of Texas‘ $29.8 billion real estate portfolio, to which it recently allocated nearly $700 million across five funds. 

Another $10 million commitment was made to Kayne Anderson Real Estate Partners Fund VII, which is targeting a $3 billion raise with expected returns of 15% to 18%. The fund will focus on acquiring and developing specialized properties, primarily in healthcare-related real estate (medical offices and senior housing) and student housing. In June, the Arkansas Teacher Retirement System committed $50 million to the fund. 

In a previous meeting, Mesirow and TerraCap were selected for the value-add real estate portion of the mandate, each receiving a $25 million commitment, as noted in the minutes. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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