Texas TRS makes three re-up commitments to real estate in July

The Teacher Retirement System (TRS) of Texas has disclosed three re-up commitments to existing real estate strategies during the month of July.

The largest share of capital was a $250 million commitment to Single-Family Rental Joint Venture (SFR JV-2), a value-add joint venture composed of Texas TRS, Tricon Capital Group, Pacific Life Insurance Co. and an existing Tricon global investor.

Multi-Housing News reported in July that SFR JV-2 will invest in targeting single-family rental homes in the Sun Belt. SFR JV-2 will have an initial equity commitment of $1.4 billion and include the ability for investors to increase the vehicle size to $1.55 billion.

The fund’s predecessor, SFR JV-1, has acquired more than 9,000 homes and is now fully invested.

Texas TRS also committed $100 million to PCCP Equity IX, a $1 billion opportunistic fund managed by PCCP.

PCCP Equity IX is a closed-end, commingled vehicle targeting assets in need of physical im