Texas County & District Retirement System backs three private real estate funds

Texas County & District Retirement System (TCDRS) has disclosed $200 million of new commitments to private real estate.

The capital went into three funds — $75 million each in FPA Apartment Opportunity Fund VIII and KSL Capital Partners VI, and $50 million in FCP Realty Fund V Co-Invest — and was committed in February and March 2022.

FPA Apartment Opportunity Fund VIII is a multifamily fund managed by San Francisco-based FPA Multifamily. Like others in the value-add fund series, Fund VIII will seek apartment properties throughout the United States. The fund series historically has focused on workforce housing, with attention to properties that need renovation or repositioning, or have distressed owners.

The previous fund in the series closed in 2019 with $950 million in commitments, exceeding its $850 million target. A fundraising target was not disclosed for Fund VIII.