Texas C&D commits $40m to real estate
The Texas County & District Retirement System has committed $40 million to the Related Real Estate Recovery Fund II, a $750 million high-yield fund managed by The Related Cos., according to a commitment summary from the retirement system’s website.
The fund will likely use the same strategy as its predecessor, which acquires distressed loans that were originated for new development, property conversion and renovation, as well as equity positions in properties that require significant repositioning. The strategy can also lean on Related’s vertically integrated structure that allows the firm to carry out sourcing, due diligence, financing, construction, design, leasing, sales, asset management and financial reporting in-house.
Fund I closed in January 2012 with $825 million in equity commitments. It received a $30 million commitment from Texas C&D in 2011, according to