Texas Permanent School Fund (PSF) has committed $200 million to Ares U.S. Real Estate Fund XI, a vehicle of Ares Management.
Ares U.S. Real Estate Fund XI is a closed-end, value-added fund that focuses on investments in U.S. growth markets, targeting property types such as multifamily and industrial. A fundraising target has not been disclosed. Ares U.S. Real Estate Fund X, its predecessor, closed with $1.8 billion in equity commitments.
PSF, a public pension fund, had $56.9 billion in total assets under management, as of Aug. 31, 2024. As of then, it had $6.1 billion in total real estate assets with a 12 percent real estate allocation target.
