Texas Permanent School Fund commits $50m to real estate
The Texas State Board of Education has committed up to $50 million to Rockpoint Real Estate Fund V on behalf of the $29.9 billion Texas Permanent School Fund, which it oversees.
This decision was made at a board meeting April 17, according to DeEtta Culbertson, a spokesperson for the Texas Education Agency.
The opportunistic real estate fund is managed by Rockpoint Group and will focus on investments in hospitality, office and multifamily properties in the United States.
The Texas Permanent School Fund, which was created to benefit Texas public schools, has an 8 percent target allocation to real estate.