The Teacher Retirement System of Texas (TRS) made one commitment and two co-investments to real estate funds during the month of July, according to a report released by the pension fund.
The fund committed $50 million to Pennybacker V, a value-add limited partnership vehicle managed by Pennybacker Capital.
Launched in January, the fund has raised approximately $700 million against a target of $775 million to invest in a diversified real estate portfolio. It will utilize the same core strategy used in Pennybacker’s first four fund raises.
TRS Texas also invested $160 million in the Square Mile Media Co-Investment vehicle, managed by Square Mile Capital Management V, and $22.1 million in the Greystar TT Baron Springs fund, managed by Greystar Real Estate Partners.
TRS is the largest public retirement system in Texas. As of March 31, the pension fund had a target allocation to real estate of 14 percent and an actual allocation of 13.2 percent.
