Texas Teachers commits $150m to real estate
The Texas Teacher Retirement System has committed $150 million to PCCP Equity VII, according to Juliana Fernandez Helton, a spokesperson for the pension fund.
The opportunistic fund, managed by PCCP LLC, launched in January 2015 and is targeting $500 million. The fund will focus on distressed office, multifamily, retail and industrial properties across the United States. PCCP is aiming for a gross return of 18 percent to 20 percent.
The $133 billion pension fund has a 16 percent target allocation to real estate.