Texas County commits $50m to storage fund

The $27 billion Texas County & District Retirement System has committed $50 million to Prime Storage Fund II, according to the pension fund’s website.

Prime Storage Fund II is managed by Prime Group Holdings and will focus on investments in value-added U.S. self-storage properties. The fund launched in early 2017 with a $675 million maximum fundraising target.

The fund’s predecessor, Prime Storage Fund I, held a $154 million final close in 2016, with $131 million deployed. The fund opened in October 2015 with a $175 million equity fundraising target. The Prime Storage Fund II commitment is the pension fund’s third commitment to private real estate in 2017, bringing year-to-date new commitments to the asset class to approximately $230 million. The other commitments in 2017 have been to Carlyle Realty