The Teacher Retirement System of Texas (TRS) has committed $150 million to Pennybacker VII, a program of Pennybacker Capital.
This fund is a closed-end, value-add strategy investing in diversified property types in the United States. A fundraising goal has not been determined. Pennybacker VI, its predecessor, raised $1.6 billion in total equity.
According to Ask IRE.IQ, the market intelligence tool of Institutional Real Estate, Inc., Pennybacker Capital is an analytically driven value-add real estate private equity manager focused on middle-market office, retail, multifamily and industrial assets in select growth markets of the United States.
As of March 31, Texas TRS had $233.5 billion in total assets under management, with a 15 percent real estate allocation target and $30.6 billion in total real estate assets.
