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Texas Teachers invests $550 million in real estate and infrastructure

by Ross Dohrmann, released 7/15/13

The $116.1 billion Texas Teacher Retirement System (TRS) has committed a combined $550 million into two real estate funds and one infrastructure fund.

Howard Goldman, TRS director of communications, confirms TRS has invested $200 million in Ranger Co-Investment Fund III (RCIF III), managed by LaSalle Investment Management; $300 million in Brookfield Infrastructure Fund II-B; and $50 million in AGRE Asia Real Estate Investment. The AGRE investment is part of the pension's fund strategic partnership with Apollo Global Real Estate.

TRS’ strategy is to invest capital committed to RCIF III across all risk spectrums. Ranger III seeks the best-in-class real estate co-investment opportunities across all property types, risk profiles, capital structures, and geographies.  The fund intends to invest the majority of the capital alongside TRS’s existing stable of general partners

Goldman did not comment on the strategy of the third fund.

This is TRS’ third allocation to LaSalle’s RCIF. In 2009 TRS invested $200 million in RCIF I, and in 2011 the retirement system invested another $200 million in RCIF II. This is the second investment with Brookfield Infrastructure. In 2010, TRS invested $251 million with Brookfield Americas Infrastructure Fund.

Currently, TRS has a 15 percent target allocation to real assets, which includes infrastructure and real estate. As of the end of 2012, TRS has allocated $13.893 billion to real assets. 

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