Texas ERS commits $110m to real estate
The $25 billion Employees’ Retirement System of Texas has committed $110 million to two real estate investment vehicles, according to a recent transaction report. The pension fund has committed $60 million to Aviva Investors Real Estate Capital Global Co-Investment Fund. The fund invests with emerging real estate managers focused on opportunistic real estate properties in the United States. The pension fund also committed $50 million to ERS Private Real Estate Emerging Manager II, a separate account managed by Oak Street Real Estate Capital. The pension fund has a 10 percent target allocation to real estate, and its actual allocation to the asset class is 9 percent.