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.
Pennybacker
