Texas Municipal Retirement System puts $300m in Virtus, Grain Communications funds

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 commited $150 million to Virtus Real Estate Capital III (VREC III) and $150 million to Grain Communications Opportunity Fund III (GCOF III).

VREC III is a noncore, value-add fund managed by Austin-based Virtus Real Estate Capital. The vehicle completed a final close in late June with $578 million of capital commitments, exceeding its fundraising target of $500 million.

Virtus focuses on acquiring recession-resilient, needs-based real estate, including middle-income workforce housing and medical offices, among other property types. These include student housing, early education, storage and healthcar