The $37 billion Texas County & District Retirement System (TCDRS) has committed $125 million to FCP Realty Fund V, a closed-end value-add fund managed by Maryland-based FCP.
The fund will invest in multifamily, office and mixed-use assets in the United States. The vehicle specifically targets undervalued and/or underperforming multifamily assets located primarily in select Southeast and Sun Belt markets in the United States and invests in office assets on an opportunistic basis.
As of June 21, the fund had raised $494 million against its $1.18 billion fundraising target.
TCDRS has a target allocation of 10 percent to real assets, which includes real estate.
