Texas ERS allocates $115m to real estate
The $26 billion Employees Retirement System of Texas has allocated $115 million to three real estate funds, according to Betty Martin, director of investment services at the retirement system.
The pension fund committed $50 million to DRA Growth & Income Fund IX, a value-added real estate fund managed by DRA Advisors. The firm recently held a $1.5 billion final close for DRA Growth & Income Fund IX, reaching its maximum fundraising target. The fund plans to invest in a diversified portfolio of office, industrial, multifamily and retail properties in primary and secondary markets throughout the United States.
Texas ERS also committed $40 million to Wheelock Street Real Estate Fund V, managed byWh