The Teachers' Retirement System (TRS) of Kentucky has disclosed a $80 million commitment to Carlyle Realty Partners IX, an opportunistic fund managed by The Carlyle Group.
The fund opened to investors in January and has a fundraising target of $6 billion.
Carlyle Realty Partners IX invests exclusively in residential and commercial real estate in the United States. The fund will focus on multifamily, single-family rental, active-adult/age-restricted housing, life science office and industrial assets ranging from $10 million to $40 million.
TRS Kentucky joins the Pennsylvania Public School Employees’ Retirement System as a recent investor in the fund.
As of June 30, 2020, TRS had a 7 percent target allocation to real estate.
