Investors - JANUARY 7, 2022

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Texas TRS backs Apollo, Pennybacker, DivcoWest strategies

by Kali Persall

The Teacher Retirement System (TRS) of Texas has unveiled three new commitments to existing managers within its real estate portfolio.

The largest commitment of $250 million went to Apollo European Principal Finance Fund IV (Dollar A), managed by Apollo EPF Management IV; followed by $50 million to Pennybacker Income & Growth, managed by Pennybacker Capital; and $38 million to Divco DevCo Assembly Row, managed by DivcoWest Real Estate Services.

Apollo’s European Principal Finance business is the second-largest, closed-end fund franchise within Apollo, following only the flagship private equity funds. The first EPF fund, launched in 2009, was created to capture a broad range of opportunities arising from distress, deleveraging and the realignment of financial service models. Apollo European Principal Finance Fund IV was launched in December 2021 but did not disclose a fundraising target. This represents an opportunistic investment for TRS Texas.


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