The Teacher Retirement System of Texas (TRS of Texas) has committed $100 million to Alterra IOS Venture III, $100 million to Secured Capital Real Estate Partners VIII (SCREP VIII) and $250 million to a BDP Investment Vehicles Master Commitment.
Investing in the industrial outdoor storage (IOS) sector, Alterra IOS Venture III is seeking to raise $750 million of capital and has a $850 million hard cap. The fund will invest in the United States, looking at IOS properties such as storage, truck parking, equipment repair, container yards and building materials.
Focusing on transaction sizes between $5 million and $15 million, Alterra will seek to capitalize through a value-added strategy, similar to the past two vintages of its IOS Venture series fund, which was first launched in 2016.
The second vintage of Alterra’s IOS fund series closed in March 2022 after reaching $524 million in commitments, exceeding its original target of $400 million.
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