Texas County & District Retirement System (TCDRS) has made two recent commitments to real estate funds, according to a document listing the pension fund’s recent investments.
The pension fund committed $93.75 million to the Pennybacker V fund, a value-add limited partnership vehicle managed by Pennybacker Capital. Pennybacker is looking to raise $600 million to invest in a diversified commercial real estate portfolio, utilizing the same core strategy used in its first four funds.
TCDRS also committed $75 million to the FPA Apartment Opportunity Fund VII, managed by FPA Multifamily LLC, in May. The value-add fund invests in United States–based multifamily investments on behalf of endowments, family offices, foundations, foreign institutions and pension funds. It held a final close of $950 million in June.
As of Dec. 31, the pension fund had approximately $30 billion in assets under management.
