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Investors - MARCH 6, 2018

Texas TRS allocates $600m to real estate funds

by Jody Barhanovich

The $142 billion Teacher Retirement System of Texas has allocated $600 million of equity into real estate vehicles, according to an investment report from Rhonda Price, communications manager for the pension fund.

The first allocation was $300 million to Brookfield Strategic Real Estate Partners III–B, an opportunistic fund managed by Brookfield Asset Management Private Institutional Capital Adviser U.S., according to the report.

The second set of allocations was $150 million each to Almanac Realty Securities VIII and ARS VIII (SC I), both value-added real estate funds managed by Almanac Realty Investors. Almanac Realty Securities VIII has raised $537.1 million so far.

In additional commitments to real estate in 2018, Texas TRS previously committed $200 million to Madison International Prime Property Investors Series I, a core fund managed by Madison International Prime Property Realty.

Texas TRS has a target allocation to real estate of 14 percent.

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