Texas Municipal Retirement System (TMRS) is committing $50m (€43m) to Värde Partners’ Asia-Pacific credit fund, which invests in real estate debt and other forms of private debt.
The $28.4bn pension fund said in a board meeting report that the investment will form part of its $2.7bn absolute-return portfolio, which consists mainly of hedge funds.
According to TMRS, Värde Partners Asia Credit Fund will invest in stressed or distressed real estate as well as corporate credit and special situations in Asia-Pacific.
Its target markets for real estate include India, Indonesia, Australia and New Zealand.
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