Texas ERS commits $227 million to real estate investments
The $23.6 billion Employees Retirement System of Texas (ERS) has committed $205 million to three real estate funds and $22 million through its emerging manager program.
Texas ERS has committed $100 million to KTR Industrial Fund III,a value-add commingled fund managed by KTR Capital that focuses on acquiring, developing and operating industrial assets in North America. The fund, which reported it raised approximately $500 million at the beginning of this year,aims to hold a final close this month. KTR Industrial Fund III started fundraising summer 2012 with a $750 million fundraising goal and a $1 billion hard cap.
The second commitment was $80 million to Madison International Real Estate Liquidity Fund V, a value-added fund managed by Madison International Realty. Recently, Madison