Texas Teachers commits $147m to real estate funds
The $129 billion Teacher Retirement System of Texas has made several commitments in March, including $147.1 million to real estate funds.
The pension fund committed £65 million ($97.1 million) to Brockton Capital Fund III, a U.K.-focused value-added/opportunistic real estate fund.
Texas TRS also committed $50 million to Integrated Capital Hospitality Fund II, an opportunistic/value-added real estate fund that will invest in underperforming U.S. hotel properties.
The retirement system has a target allocation to real estate of 16 percent and an actual allocation to real estate of 13.8 percent.