The $29.6 billion Texas County & District Retirement System has committed $100 million to FPA Core Plus Fund IV, according to a transaction report on the retirement system’s website.
FPA Core Plus Fund IV is managed by FPA Multifamily, a vertically integrated principal investment organization. The core-plus fund targets multifamily assets throughout the United States. It has a $500 million fundraising target.
FPA is currently investing on behalf of Core Plus Fund III, which will acquire $900 million of multifamily assets is select U.S. markets.
FPA Core Plus Fund II closed in 2014 with $500 million and has 13 assets, with 4,000 units. FPA Core Plus Fund I closed with $275 million in 2007 and has seven assets, with 1,800 units.
Texas County has a target allocation to real estate of 7 percent.
