Texas Municipal Retirement System backs Stonepeak, Pennybacker value-add funds

The Texas Municipal Retirement System (TMRS) has committed a total of $300 million to two value-add real estate funds managed by Stonepeak and Pennybacker Capital.

The pension fund placed $150 million each in Stonepeak Real Estate Partners and Pennybacker VI, according to an investment meeting document. Both firms have existing relationships with TMRS.

Stonepeak Real Estate Partners launched in July. Stonepeak’s real estate team takes a focused approach to real estate investing by targeting opportunities at the intersection of infrastructure and real estate, in sectors such as data centers, healthcare and logistics, among others. An equity fundraising target for the strategy was not disclosed at the time of launch.

Pennybacker VI will invest in various property types in the United States. The invest