Texas Permanent commits $237m to real estate funds

The $32.8 billion Texas Permanent School Fund has committed a total of $237 million to three real estate funds, according to a webcast of the pension fund’s Committee on School Finance/Permanent School Fund meeting.

The first commitment was $75 million to Pennybacker IV, managed by Pennybacker Capital. Pennybacker IV opened in October 2016. It is a value-added fund that will invest in and operate middle-market multifamily, retail, office and industrial assets in sustainable U.S. growth markets. It plans to raise $450 million in equity commitments, according to IREI’s FundTracker database. The fund previously received a $25 million investment from the Employees Retirement System of Texas and a $20 million investment from the Louisiana School Employees’ Retirement System.

The second commitment was up to $75 million to Berkshire Multifamily Debt Fund II, managed by Berkshire Group. The fund invests in debt secured by multifamily properties throughout he Unit