The Employees Retirement System of Texas (ERS of Texas) committed $75 million to Faropoint Industrial Value Fund III in May/June of 2024, just ahead of the fund’s close.
Faropoint Industrial Value Fund III is managed by Faro Capital and closed on June 28, 2024, after raising $915 million, surpassing its initial target of $750 million.
The fund is targeting industrial assets within the United States. As of the fund’s close, it had acquired more than 80 urban industrial warehouses across 12 U.S. markets, with plans to eventually acquire more than 200 warehouses throughout its deployment period.
As of June 2024, 9.8 percent of ERS of Texas’s $39.1 billion portfolio was allocated toward private real estate, slightly above the system’s 9 percent target for the asset class.
