Texas ERS makes $180m investment in real estate

The $26.9 billion Employees Retirement System of Texas has made two commitments to real estate.

The larger is a $125 million investment to the recently launched True North Real Estate Fund IV, managed by True North Management Group. The fund launched this year with a $650 million equity fundraising target. True North’s real estate fund series focuses on investments in high-yield commercial real estate debt and equity in the United States. Within their distressed debt investments, the fund series seeks to purchase deeply discounted nonperforming loans on assets burdened by legacy capital structure issues or undercapitalized sponsorship. In addition, it also seeks to acquire subperforming loans at discounts from banks and insurance companies.

And the Texas pension fund committed $55 million to Asana Partners Fund II, managed by Asana Partners. The