Texas County increases real estate allocation by 1%
The $26 billion Texas County & District Retirement System has increased its private real estate asset allocation by 1 percent, according to board meeting documents. Texas County now has a target allocation to real estate of 7 percent. The pension fund updated the investment policy after adopting the 2017 capital market assumptions. In addition to raising its private real estate allocation, Texas County decreased public equities by 2 percent, decreased REITs by 1 percent, decreased hedge funds by 5 percent, raised direct lending by 5 percent and raised private equity by 2 percent. Recent real estate commitments for the pension fund have been allocated to mostly value-added or opportunistic real estate funds. It previously committed €70 million ($73.7 million) to Orion European Real Estate V in February.