Texas Teachers commits $200m to real estate
The $133 billion Teacher Retirement System of Texas has committed $200 million to two Lionstone Investments real estate vehicles.
Texas TRS committed $100 million each to Lionstone U.S. Value-Add 4 and LVA4 Co-Investment I. Both funds focus on investments in the United States. The pension fund has been investing with Lionstone since 2010.
The pension fund has a 16 percent target allocation to real estate, which is currently underweight at 12 percent.
Texas TRS has had a busy 2015; according to IREI’s FundTracker database, the pension fund has committed nearly $3 billion to 17 real estate funds since January, not including these two commitments.
Some of the larger commitments made by the pension fund have included $200 million each to