Investors - NOVEMBER 5, 2015

DFW Airport pension invests $55 million in three funds

by Zoë Wolff

The Dallas/Fort Worth International Airport Board has committed $55 million to three real estate and energy funds on behalf of its pension funds, according to recent meeting documents. The board oversees two pension funds with a combined $540 million in assets.

In real estate, the board committed $20 million to Crow Holdings Realty Partners VII. The fund, managed by Crow Holdings Capital, is seeking $1.5 billion in equity commitments and targets multifamily, retail and industrial properties. The fund has received commitments from the South Carolina Retirement System Investment Commission, the Teachers’ Retirement System of Louisiana, the Connecticut Retirement Plan and Trust Funds, the Houston Municipal Employees’ Pension System, the Illinois Municipal Retirement Fund, and the State Universities Retirements System of Illinois.

In alternative fixed income, the board invested $20 million in Blackstone Real Estate Debt Strategies III. The real estate debt fund managed by The Blackstone Group has a similar strategy to its predecessor, Blackstone Real Estate Debt Strategies II, which invested in mezzanine loans and whole loans.

In real assets, the board allocated $15 million to First Trust North American Energy Infrastructure Fund, managed by First Trust Portfolios.

The pension funds’ collective target allocations for real estate, alternative fixed income and real assets are 10 percent, 15 percent and 10 percent, respectively.

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