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Texas Permanent commits $75m to DRA fund

by Jody Barhanovich

The $23 billion Texas Permanent School Fund has committed $75 millionto DRA Growth & Income Fund IX, managed by DRA Advisors. The closed-end DRA Growth and Income Fund IX launched this year with a $1.5 billion fundraising target.It uses a value-added approach to invest in diversified sectors in the United States, including office, retail, multifamily and industrial properties. The fund held a $553 million second close in August. The fund received commitments from the Pennsylvania Public School Employees’ Retirement System and State of Hawaii Employees’ Retirement System during 2016. Texas Permanent previously committed $75 million to the fund’s predecessor

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