Houston pension plan commits $20m to real estate
The $2.47 billion Houston Municipal Retirement System has committed $20 million to GEM Realty Fund VI, according to Peter Koops, communications specialist for the pension fund.
GEM Realty Fund VI is a new real estate fund sponsored by GEM Realty Capital. GEM Realty Fund V, the fund’s predecessor, launched in 2013 with a $750 million equity fundraising goal. The fund focused on value-add U.S. properties and distressed real estate debt.
The Houston pension fund has a 10 percent target allocation to real estate.