Texas TRS slates $250m for real estate

The Teacher Retirement System (TRS) of Texas has committed $250 million to two real estate funds, the pension fund revealed in a commitment report for August.

Texas TRS committed $150 million to SFR JV-3, a U.S. single-family rental joint venture managed by Tricon Residential, and $100 million to Temerity Strategic Partners Fund, managed by Temerity Strategic Partners (TSP).

The pension fund has an existing relationship with Tricon Capital, and TSP represents a new relationship for Texas TRS.

SFR JV-3 is the third iteration of a joint venture between Tricon and institutional investors, focused on boosting institutional investment in the SFR segment. In 2021, Tricon Residential joined with Texas TRS and Pacific Life Insurance, as well as an existing Tricon global investor, to form the $5 billion SFR JV-2, which focused on acquiring single-family rental homes ta