Texas TRS commits $478m to real estate
The $128 billion Teacher Retirement System of Texas has committed $478 million to two real estate funds, according to a recently released transaction report.
The pension fund committed $278 million to Lone Star Real Estate Fund V. The fund, which launched in December 2015, was seeking to raise $5 billion to target real estate debt and equity investments in the Americas, Japan and Western Europe. The fund held a final close of $5.9 billion in April 2016.
Texas TRS also committed $200 million to DivcoWest Fund V. The value-added fund targets office buildings and R&D properties in the greater San Francisco Bay Area and Seattle, and may also invest in other markets, including Los Angeles; Portland, Ore.; Au