Texas TRS commits $320m to opportunistic real estate

The Teacher Retirement System (TRS) of Texas has allocated $320 million for three opportunistic real estate funds, according to a recent investment report. The two managers in charge of the funds have existing relationships with TRS Texas.

The lion’s share of the investment — $300 million — went toward Blackstone Real Estate Partners X (BREP X), which Blackstone launched in May to invest in diversified property types globally.

BREP X has raked in a slew of commitments from U.S. pension funds, including the University of Vermont and State Agricultural College, the Teachers’ Retirement System (TRS) of the State of Illinois, the Teachers' Retirement System of Kentucky, the Arkansas Teacher Retirement System and the Pennsylvania State Employees' Retirement System.

A fundraising target could not be determined at the time of publication, however, the fund’s predecessor, Blackstone Real Estate Partners IX (BREP IX), held its final close in 2019 with $20.5 bil