Texas Teachers commits $465 million to real estate
The $116.09 billion Teacher Retirement System of Texas (TRS) has made commitments of $465 million to multiple real estate funds. TRS Texas confirmed that these commitments all closed in March.
TRS invested $200 million in Starwood Distressed Opportunity Fund IX. The vehicle managed by Starwood Capital Group closed with $4.2 billion in equity commitments earlier this month.
The second commitment was $150 million to the Oaktree Real Estate Opportunities Fund VI, a $1.5 billion opportunistic real estate fund. TRS also invested $100 million in a co-investment with Oaktree Capital Management, the details of which were not disclosed.
The final investment was approximately $15 million to Berkeley Capital Partners III, managed by