Texas Municipal commits $375m to real estate
The $24 billion Texas Municipal Retirement System has committed $375 million to two real estate funds, according to recent meeting documents.
The pension fund committed $300 million to Blackstone Property Partners. The open-end core-plus fund, managed by The Blackstone Group, invests in retail, office, multifamily and industrial assets in major U.S. markets. Other recent investors in the fund include the New York State Common Retirement Fund and the New Jersey Division of Investment.
Texas Municipal additionally committed $75 million to DivcoWest Fund V. The value-added fund targets office buildings and R&D properties mainly in the greater San Francisco Bay Area and Seattle. The fund will potentially look to