Texas Municipal commits $75m to debt opportunity fund
The Texas Municipal Retirement System has committed $75 million to Torchlight Debt Opportunity Fund VI, according to board meeting documents.
Torchlight Debt Opportunity Fund VI, managed by Torchlight Investors, is an opportunistic real estate debt fund focused on investing across multiple real estate debt strategies, including first-lien commercial mortgages, CMBS, mezzanine loans, and commercial real estate asset–backed CDOs.
The fund’s predecessor, Torchlight Debt Opportunity Fund V, held a $1.36 billion final close in 2016.
In additional real estate investments, Texas Municipal recently committed up to €60 million ($70.2 million) to Tristan Capital Partners’ new opportunistic European real estate fund, European Property Investors Special Opportunities 5. The fund will primarily invest in European office, logistics, retail and residential properties.
Inclusive of the Tristan and Torchlight fund commitments, total real estate allocation activity for 2018 for Texas Municipal totals $225 million, on target to end the year within its targeted pacing of $200 million to $400 million.
