Texas County commits to two real estate funds
The $29.6 billion Texas County & District Retirement System has committed equity to two real estate funds, according to the retirement system’s recent investment activity update on its website.
The first commitment was $75 million to Carmel Partners Investment Fund VII, a value-added real estate fund managed by Carmel Partners. The firm invests in multifamily assets in seven core markets, which include Seattle, Northern California, Southern California, Hawaii, Denver, New York Metro and Washington, D.C. These properties include renovation projects and ground-up developments.
The predecessor fund, Carmel Partners Investment Fund VI, held a $1.025 billion final close in the start of 2017. Fund VI made its first investment in Oakland, Calif.
The second commitment was €85 million ($98 million) to Aermont Capital Real Estate Fund IV, an opportunistic real estate fund managed by London-based Aermont Capital. The fund will target investments in Western Europe.
Texas County & District Retirement System has a target allocation to real assets of 11 percent. Private real estate makes up 6 percent of the total target.
