Texas Employees’ Retirement System commits $69m to two real estate funds
The Employees’ Retirement System (ERS) of Texas has committed $55 million to Longpoint Fund (LF) III and $14 million to Prologis European Logistics Fund.
Managed by Longpoint Realty Partners, LF III will invest with a value-add strategy in infill industrial space and neighborhood shopping centers near population centers in U.S. markets. Longpoint seeks to renovate infill industrial space to meet current logistics demand.
LF II closed in 2021 after raising approximately $669 million. The first vintage of the Longpoint Fund series closed in 2019 with $280 million of capital.
Prologis European Logistics Fund is an open-end fund managed by Prologis that focuses on distribution facilities near high-volume airports, seaports and highway systems, and in the major metropolitan areas of Europe. The fund targets markets in Belgium, France, Germany, Italy, the Netherlands, Spain, the United Kingdom and Central/Eastern Europe.
As of June 30, the Prologis European L