Texas Permanent hires Metropolitan to invest $100m

The Texas State Board of Education has committed $100 million to a secondaries-focused separate account managed by Metropolitan Real Estate Equity Management on behalf of the Texas Permanent School Fund. Metropolitan Real Estate will buy interests in properties and real estate funds from investors looking to exit investments, according to board meeting documents.

The board approved the commitment at its Sept. 15 meeting, a recording of which is posted on its website. Thomas Hester, a senior vice president at real estate consultant Courtland Partners, recommended the new separate account at the meeting, stating the school fund will have full discretion on investments from the 24-month vehicle.

Texas Permanent recently approved a $75 million commitment to Longpoint Real Estate Partners Fund I, the closed-end debut fund managed by Longpoint Realty Partners. In addition, the plan sponsor