Texas Municipal commits $100m to real estate funds
The $24.2 billion Texas Municipal Retirement System has committed $100 million to two real estate funds, according to a March board-meeting document.
The pension fund committed $50 million each to Stockbridge Value Fund III and IC Berkeley Partners IV.
Stockbridge Value Fund III, managed by Stockbridge Capital Group, is a value-added real estate fund that focuses on the development and redevelopment of office, multifamily, retail, hotel and single-family properties throughout the United States. The fund seeks to raise $3 billion in equity commitments for the fund and has raised $1.3 billion so far. The fund is seeking to achieve target returns of 12 percent to 15 percent gross of fees.
Texas Municipal previously committed $75 million to the fund’s predecessor, Stockbridge Value Fund II, in 2013.
The second fund, IC Berkeley Partners IV, will invest in small-bay light-industrial real estate across the United States, with a focus on multi-tenant propertie