Employees Retirement System of Texas (Texas ERS) has approved $180m (€160m) worth of new commitments to two real estate funds.

The $29bn pension fund said it is putting $125m into the True North Real Estate Fund IV and $55m into Asana Partners Fund II.

True North Management began its capital raise earlier this year for Fund IV and plans to raise $650m. The US property fund will target debt and equity capital investments, particularly distressed debt opportunities.

Asana Partners – set up in 2015 to invest exclusively in retail real estate in the US – closed Fund II last month as it hit its hard cap target of $800m in less than 12 months.

Fund II will target multi-tenant retail buildings, retail-driven mixed-use buildings and condominium interests in mixed-use buildings.

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