Mississippi PERS Re-Ups With TPG Angelo Gordon Real Estate Fund
The Mississippi Public Employees’ Retirement System added to its non-core real estate portfolio with a $75 million commitment to TPG Angelo Gordon Realty Value Fund XII, extending a relationship spanning several fund vintages.
The commitment represents about 2% of Mississippi PERS’ $3.6 billion property portfolio, which returned 3.8% through June and 6.1% for fiscal 2026. The gain exceeded the 4.9% fiscal-year return of Callan’s real estate benchmark.
Income generated most of the asset class’s return, according to Callan. Residential and office properties posted negative appreciation, while industrial, retail, self-storage and senior housing recorded gains.
Liquidity conditions also improved among open-end diversified core equity funds. Aggregate redemption queues fell to about 9.9% of net asset value in the first quarter, with a median of 8.4%. Queues had peaked at 19.3% in early 2024 as higher interest rates and declining property valuations prompted investors to seek withdrawals.
The decline reflected larger redemption payments and the rescission of some requests, including withdrawals tied to manager loyalty-fee programs. Callan has described the trend as a gradual normalization of private real estate fund liquidity.
The pension system approved the TPG Angelo Gordon re-up in June, according to its investment committee agenda. Mississippi PERS previously committed $75 million each to Realty Funds X and XI and $50 million each to Core Plus Funds III and IV.
Fund XII is targeting $3 billion, with a $4 billion hard cap, and seeks a 12% to 14% net internal rate of return. The value-add strategy will invest primarily in the U.S., although as much as 20% may be deployed in Europe and Asia.
Connect Money is spotlighting rising stars who have made a valuable contribution to the alternative investments industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 9. Click here to submit your nominations and help us highlight the next generation of leaders.