Investors - JANUARY 9, 2015

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Texas pension plans commit $70m to real assets

by Reg Clodfelter

The $24.4 billion Texas County & District Retirement System has committed $40 million to Rockpoint Real Estate Fund V, according to a commitment summary from the retirement system’s website. The fund is reportedly seeking a $2.5 billion haul, larger than its predecessor, which had a final close in 2014 after raising $1.95 billion to invest in distressed assets, with 80 percent of its capital directed at the United States, particularly Boston, Northern and Southern California, and Washington, D.C., and 20 percent going to international investments. When investing internationally, the opportunistic fund targets major coastal markets in Japan and Western Europe. 

Texas C&D has approximately 1.7 percent of its assets invested in private real estate, as of Sept. 30, 2014. The retirement system’s private real estate portfolio achieved a one-year return of 18.4 percent for the year ended third quarter 2014.

The Houston Municipal Employees Pen

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