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Investors - OCTOBER 31, 2017

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Texas Municipal commits up to $200m to real estate

by Jody Barhanovich

The $26.7 billion Texas Municipal Retirement System has committed a total of $200 million to two real estate funds, according to board meeting documents.

The pension fund committed up to $100 million each to Madison Realty Capital Debt Fund IV, managed by Madison Realty Capital, and TPG Real Estate Partners III, managed by TPG Capital.

Madison Realty Capital Debt Fund IV is a closed-end, value-added real estate fund that will invest in debt secured by properties throughout the United States. The fund is seeking a target of $1 billion in equity commitments and has raised $255 million so far. The fund plans to hold a final close in first quarter 2019. Fund IV makes up roughly 2 percent of Texas Municipal’s real estate portfolio, according to the document.

The second fund, TPG Real Estate Partners III, is focused on opportunistic platform real estate investments in the United States

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