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Sign in Sign up for a FREE subscriptionTexas County & District allocates $150m to fifth Oak Street Real Estate Capital fund
IREI has learned the Texas County & District Retirement System (TCDRS) has invested $150 million in Oak Street Real Estate Capital Fund V, a value-add fund managed by Chicago-based Oak Street Real Estate Capital.
The commitment was TCDRS' first commitment to an Oak Street Real Estate Capital fund, according to a spokesperson for the pension fund.
The fund’s investment strategy focuses on single-tenant, triple-net lease assets throughout the United States. According to a spokesperson from Oak Street Real Estate Capital, the fund targets investment-grade assets with 15-year leases, with a 12-year minimum.
The fund is seeking $2 billion and plans to hold its final close on March 31.
In December 2019, the $43.3 billion Illinois Municipal Retirement Fund (IMRF) approved a $75 million commitment to the Oak Street Real Estate Capital fund. Other backers include additional pension funds, endowments, wirehouses and family offices.
TCDRS has a 3 percen