Texas ERS commits $100m to AEW, PAG real estate funds

The $35.5 billion Employees’ Retirement System (ERS) of Texas made two new commitments to private real estate funds during the month of January, according to a recent investment report.

Texas ERS committed $50 million each to AEW Essential Housing Fund, managed by AEW Capital Management, and PAG Real Estate Partners III, managed by PAG Real Estate.

AEW Essential Housing Fund opened to investors in August 2021. The open-ended vehicle invests in properties that are affordable to middle- to low-income renters.

PAG Real Estate Partners III is based in Hong Kong. The previous fund in the series closed with a final $2.25 billion in 2019.

For more fund information, click here for IREI.Q.