Texas ERS commits $100m to real estate funds
The $28.5 billion Employees’ Retirement System of Texas has committed $100 million to two real estate funds, according to Aris Oglesby, operational due diligence analyst for the pension fund.
Texas ERS committed $50 million each to ERS Private Real Estate Emerging Manager II, a separate account managed by Oak Street Real Estate Capital, and Horizon MH Legacy Fund II, managed by Horizon Land Co.
This was not the first commitment into the Oak Street separate account for Texas ERS. The pension fund also committed $50 million to ERS Private Real Estate Emerging Manager II in 2016.
As of April 2018, Texas ERS had a target allocation to real estate of 9 percent with an actual allocation of 9.44 percent.