DECEMBER 20, 2013

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Texas TRS invests $435m in Europe

by Andrea Waitrovich

The Teacher Retirement System of Texas has committed $316.5 million to Europe-focused funds.

Texas TRS made a follow-on commitment to Blackstone Real Estate Partners Europe IV, a $3.67 billion fund managed by The Blackstone Group, committing $250 million (€182.8 million). The opportunistic fund opened for fundraising in May 2013 with a $4 billion goal. The firm aims to hold a final close in March 2015. BREP IV is targeting European investment, and much of its investment activity will be in France, Germany and the United Kingdom in CBD office, hotel, industrial, logistics, multifamily and retail sectors. Texas TRS made previous commitments to BREP Europe III.

The retirement system also approved a first-time commitment to AXA Independence Fund, €135 million ($184.6 million). The value-add fund is managed by AXA Real Estate. The AXA Independence Fund will invest across Europe, primarily in Western Euro

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