Texas TRS slates $200m for PCCP Clipper Venture II

The Teacher Retirement System (TRS) of Texas has invested $200 million in PCCP Clipper Venture II, an opportunistic real estate fund managed by PCCP, on behalf of its private markets portfolio.

Based in Los Angeles, PCCP invests equity capital in joint ventures with third-party real estate investors and operators and also originates senior and mezzanine loans secured by commercial real estate.

Investment opportunities typically pursued include physical repositioning; rehabilitation and redevelopment; recapitalizing impaired financial structures; discounted purchases of inefficiently marketed or distressed situations; high barrier-to-entry, complex situations; and select development opportunities. PCCP loans fund value-add business plans, including loans to lease-up and stabilize assets, loans on properties that are being repositioned in the market, construction loans, loans on vacant buildings, and loans for discounted payoff and discounted note acquisitions. The firm