Texas TRS commits $200m to value-add real estate fund

The $148 billion Teacher Retirement System of Texas has committed a total of $200 million to funds managed by global investment manager Invesco Real Estate, according to Rhonda Price, communications manager for the pension fund.

Texas TRS committed $150 million to Invesco U.S. Value-Add Fund V and $50 million to Invesco U.S. Value-Add Sidecar V One.

Invesco U.S. Value-Add Fund V is seeking to raise $1 billion of equity and will invest in value-added real estate properties in the United States. The firm manages global investments in direct real estate, real estate securities including equity and debt, infrastructure securities, and master limited partnerships.

Texas TRS committed $200 million to the fund’s predecessor, Invesco U.S. Value-Add Fund IV, in 2016. The fund held a $750 million final close in 2016.

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