The Boston Retirement System has committed $40 million to expand its private markets portfolio, advancing its 2025 pacing plan and broadening exposure across real estate credit and private equity strategies.  

The board approved a $20 million allocation to Tristan Capital Partners’ Income Plus Strategy II Fund, a pan-European real estate credit vehicle. The follow-on strategy builds on the strong performance of Fund I, which is expected to deliver a 1.3x net multiple, with 95% of returns realized through quarterly cash distributions, according to meeting materials. 

Trustees also completed two $10 million commitments through the Hamilton Lane separately managed account: one to Avista Healthcare Partners IV, which targets value-driven healthcare investments, and another to Bregal Sagemount V, a growth-oriented strategy focused on tech-enabled businesses. 

Next, the $7.7 billion pension fund will weigh an additional $30 million–$45 million commitment to real estate at its December 17 meeting, where finalists will present strategies spanning value-add and opportunistic property investments. Firms under consideration include Artemis Real Estate Partners, Berkshire Residential Investments, Blue Owl Capital, Intercontinental Real Estate Corp., TA Realty, and Brookfield.  

The upcoming mandate aligns with Boston’s 2025 capital-deployment goals, which call for roughly $90 million of new commitments across real estate debt, value-add, and opportunistic strategies as the system continues building a more diversified and income-generative alternatives portfolio.