Investors - MARCH 1, 2018

Texas TRS commits $5m to private real estate fund

by Jody Barhanovich

The $142 billion Teacher Retirement System of Texas has approved a $5 million equity commitment to an undisclosed private real estate fund, according to a report from Aris Oglesby, operational due diligence analyst of the pension fund’s investments division. The commitment was made in February.

This was not the first commitment Texas TRS has made to a real estate fund in 2018. The pension fund committed $200 million to a fund managed by Madison International Prime Property Realty. The fund, Madison International Prime Property Investors Series I, follows a core investment strategy.

Texas TRS was very active throughout 2017 as well, making multiple equity commitments to real estate funds, including a $150 million separate account mandate to Invesco Real Estate for a debt strategy in Asia; €17 million ($20 million) to CBRE Global Investors Luxembourg AIFM S.a.r.l; $150 million to RFM KJ 2015, a real estate fund managed by Related Fund Management; $400 million to BREP Texas Trinity Fund; and a total of $150 million to two funds managed by AEW Asia Limited, the Asia branch of AEW Capital Management.

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

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