Texas Teachers commits $500m to real estate
The $123.9 billion Teacher Retirement System of Texas has committed $300 million to Lone Star Fund IX and $200 million to Fudo Capital III.
The commitments were confirmed by Juliana Fernandez Helton, communications specialist for Texas TRS.
Lone Star Fund IX, managed by Lone Star Funds, is a closed-end debt fund that launched in February 2014 and is seeking $7 billion in total commitments. Off to a fast start, the fund had raised $5.3 billion as of early April. It will invest globally, with reportedly half of the fund’s capital going to Europe. Texas TRS also committed $300 million each to Lone Star Real Estate Fund II and Lone Star Real Estate Fund III, in 2009 and 2013, respectively.