Texas ERS plans $345 million in real estate commitments in fiscal year 2014

The $23.8 billion Texas Employees Retirement System (ERS) has outlined a plan to invest up to $1.13 billion in real estate by 2017, according to minutes for the May 21, 2013, board of trustees and investment advisory committee meeting.  

In fiscal year 2013, Texas ERS invested $207 million in three real estate funds, and will be closing on a fourth commitment in the upcoming weeks, bringing its total investments to approximately $280 million.

The investment committee projects investments of $345 million in fiscal year 2014, divided between anywhere from three to 14 deals. Approximately $120 million will be invested in opportunistic funds, $150 million in value-added strategies and $75 million in core strategies. In the near term, the investment committee plans to look for opp