The Texas Municipal Retirement System (TMRS) committed $200 million to Invesco Commercial Real Estate Finance Trust (INCREF) and $200 million to TPG Real Estate Credit Opportunities (TRECO) in fourth quarter 2023, according to recent documents.
INCREF is a perpetual life real estate investment trust that originates, acquires and manages a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate.
TRECO is investing opportunistically in credit opportunities within the real estate sector. In TPG Real Estate Finance Trust’s fourth quarter 2023 earnings call, which took place on Feb. 20, 2024, Doug Bouquard, head of TPG Real Estate Credit, commented on the current positioning of TPG Real Estate Credit, saying, “We have no material financing maturities until 2026, which provides us an attractive runway to deploy fresh capital into the real estate credit market.”
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