Texas TRS commits $150m to PCCP fund
The $148 million Teacher Retirement System of Texas has committed $150 million to PCCP Equity VIII, according to Rhonda Price, communications manager for the pension fund.
The fund is managed by PCCP, a firm that provides commercial real estate debt and equity capital for middle-market real estate projects throughout the United States.
PCCP Equity VIII is an opportunistic fund that targets office, multifamily, retail and industrial assets across the United States. According to an SEC filing, the firm has raised $486 million for its newest real estate fund so far.
The predecessor fund, PCCP Equity VII, held a $601 million final close in August 2016, surpassing its $500 million equity fundraising target.
Texas TRS has a target allocation to real estate of 14 percent and an actual allocation of 12 percent.