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The $25 billion Texas Permanent School Fund has approved a $75 million comitment to AREA European Real Estate Fund IV, an opportunistic fund managed by AREA Property Partners. It will seek investments in European distressed situations, with at least 70 percent of assets targeted at properties in the United Kingdom, Germany and France. Its predecessor AREA European Real Estate Fund III held a $1.4 billion final close in 2010. AREA Property Partners is investing 30 percent to 40 percent of the fund in the United Kingdom; 30 percent to 40 percent in Western Europe, including France, Germany, Switzerland, Italy and Spain; and approximately 25 percent in Central and Eastern Europe. Investments include the Merter shopping center site in Istanbul, which was purchased for $380 million with joint venture partner Multi Turkmall. Texas Permanent School Fund has been active with its European exposure. In April 2012, it approved a $50 million commitment to NIAM Nordic V,