Texas Teachers commits $1.07b to real estate
The Teacher Retirement System of Texas has committed $1.07 billion in four real estate investments. The $133 billion pension fund has committed $270 million to Akard Street Industrial, a separate account managed by Hunt Realty Investments that targets industrial properties in the United States. In addition, $200 million has been committed to Brookfield Strategic Real Estate Partners II-B, a global opportunistic fund. Brookfield is looking to raise $7 billion in capital and will invest in the United States, Europe, Brazil and Australia. Lone Star Real Estate Fund IV, sponsored by Lone Star Funds, has received a $300 million commitment from the pension fund. The global opportunistic fund has raised more than $5.8 billion and will invest in debt and distressed properties. Texas TRS also committed $300 million to The Blackstone Group’s Blackstone Real Estate Partners VIII, the largest fund of 2015, having raised more than $15 billion.