The Teacher Retirement System (TRS) of Texas has become the latest Texas pension fund to invest in Pennybacker VI, an opportunistic real estate fund managed by Pennybacker Capital.
The pension fund contributed $100 million to the vehicle, which is seeking to raise $2 billion to invest in various property types in the United States. The previous fund in the series, Pennybacker V, targeted middle-market real estate in U.S. cities with a high-growth outlook.
The mix of Texas pension investors also includes the Texas Municipal Retirement System, the Texas County & District Retirement System and the Texas Permanent School Fund. The Louisiana School Employees Retirement System and the Dallas-Fort Worth Airport Employees Pension Plan contributed to the fund as well.
Texas TRS has an existing relationship with Pennybacker, according to a recent investment report.
