OCTOBER 16, 2013

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Texas TRS commits $400 million to real estate

by Andrea Waitrovich

The $116.09 billion Teacher Retirement System of Texas (TRS) continues to deploy capital to real estate. The pension plan recently committed $400 million to real estate.

Texas TRS invested $100 million in Retail Co-Invest Holdings 3, a commingled fund managed by Starwood Capital Group. The value-added fund invests in U.S. retail assets, renovating, developing and redeveloping investments. The investment follows the retirement system’s recent commitment to Starwood Capital’s Starwood Distressed Opportunity Fund IX.

The other new real estate investment is a follow-on commitment to the Lone Star Fund real estate series. Texas TRS invested $300 million in Lone Star Real Estate Fund III (LSREF III), an opportunistic commingled fund thatfocuses on distressed commercial real estate debt and equity investments in the United States, Western Europe and Japan. LSREF III is currently in its fundraising

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