The Texas Municipal Retirement System is targeting to commit $200 million toward real estate, according to its recent board-meeting agenda.
TMRS now has 13 percent ($4.8 billion) of its $37.2 billion portfolio allocated toward real estate. For 2024, the retirement system targets having 12 percent of its portfolio allocated toward real estate.
Also included in TMRS’s 2024 pacing budget is a range for target allocation depending on asset class. The retirement system provides a range of commitments up to $600 million for real estate.
Last year, TMRS’s 2023 pacing budget had allocated $500 million for real estate.
TMRS has made $250 million of real estate commitments in 2023, consisting of a $125 million commitment to Stockbridge Value Fund V in April and a $125 million commitment to Virtus Real Estate Capital IV in June.
