ERS Texas pours $225m into private real estate in December
The Employees Retirement System (ERS) of Texas invested $225 million in private real estate during the month of December, a spokesperson for the pension fund said in an email.
ERS committed to three funds, including $50 million to the Wheelock Real Estate Fund VI and $100 million to the Wheelock Long Term Value Fund, managed by Wheelock Street Capital, and $75 million to the PAG Secured Capital Real Estate (SCREP) VII, managed by PAG Real Estate.
Wheelock Real Estate Fund VI was launched in May of last year and has raised $528 million in capital commitments to date, according to an SEC filing. The Wheelock Long Term Value Fund launched in February 2019 and has raised $102.5 million. Fundraising targets and closing dates were not disclosed for either fund.
Wheelock focuses on both public and private market real estate investments throughout North America,