Texas TRS commits $220m to real estate
The $128 billion Teacher Retirement System of Texas has committed $220 million to three real estate funds, according to a recently released transaction report.
Texas TRS invested $20 million in Admiral Capital Real Estate Fund II, managed by USAA Real Estate Co. The fund launched in October 2015. The value-added fund is seeking $175 million in equity commitments.
Admiral Capital Real Estate Fund I, the fund’s predecessor, held a final close with equity commitments of $112.5 million in 2012. The fund targeted office, retail, multifamily, hotel and mixed-use properties in major U.S. markets.
In addition, Texas TRS committed $100 million each to funds managed by Real Assets Special Situations and to Square Mile Partners V and its sidecar Square Mile Partners V-A.
Square Mile Partners V