The Texas Municipal Retirement System (TMRS) has invested a total of $300 million in a real estate and real return fund.
According to a transaction report dated June 24, TMRS committed $150 million to Grain Communications Opportunity Fund III (GCOF III), and $150 million to Virtus Real Estate Capital III (VREC III).
GCOF III, sponsored by Grain Management, opened to investors in December 2020. It will focus on opportunities in mission-critical communications assets, both domestic and abroad, and structured equity investments in companies that own and operate them. An equity fundraising target has not been disclosed.
The other fund, VREC III is a noncore, value-add fund managed by Austin-based Virtus Real Estate Capital. The vehicle completed a final
