ERS Texas commits $50m to private real estate in October
The Employees Retirement System (ERS) of Texas committed a total of $50 million to two newly launched private real estate funds during October, according to a recently released fund commitment report.
The pension fund committed $30 million to Northpond Fund IV, managed by Northpond Partners, and $20 million to the newly launched Pennybacker EIV, managed by Pennybacker Capital.
According to a Form D filed with the SEC on Oct. 16, the Northpond Fund IV had raised $58.2 million from 19 investors. Northpond is currently investing capital and managing investments on behalf of the previous fund in the series, Northpond Fund III, according to the firm’s website.
In addition, the Pennybacker EIV fund, a U.S. retail–focused fund,was reportedly close to reaching its fundraising target of $275 million, with $228 million in capital commitments from 33 investors, according to an