TMRS commits $300 million to core vehicles
The $20.1 billion Texas Municipal Retirement System (TMRS) has increased its core exposure with a total of $300 million in investments to four real estate funds.
TMRS made a $100 million commitment to Harrison Street Securities, a REIT subsidiary of real estate investment management firm Harrison Street Real Estate Capital. Its strategy is to increase core real estate exposure for investors.
TMRS invested in another Harrison Street vehicle, Harrison Street Core Property Fund, through a follow-on commitment of $50 million. The pension fund previously made a $100 million commitment in 2011. The core open-end fund is dedicated exclusively to investing in stabilized, income-producing properties in the student housing, senior housing, medical office and self-storage segments. It was launched in 2011, and it had raised approximately $391 million as of No