Texas Municipal Retirement System is investing in a UK opportunistic real estate fund ahead of a final close this month.
The US pension fund has approved an $83m (€64.5m) commitment to Moorfield Real Estate Fund III, according to board meeting documents.
The documents show that fund manager Moorfield is seeking to finish raising capital for the fund at between £250m (€318m) and £300m before the end of September.
Last year, IP Real Estate reported that Moorfield had raised £100m and was considering entering into co-investments to increase its investment scale.
The fund aims to make opportunistic investments across commercial property sectors.
Texas Municipal is also planning to invest $100m in Westbrook Real Estate Fund X, a global opportunity fund.
Westbrook is seeking a $2.5bn in commitments and is targeting gross returns of 15%.
Texas Municipal has also committed $75m to Abacus Multi-Family Fund III, a $300m fund that will invest in apartments and development projects.
Two US value-added/opportunistic funds – Greenfield Acquisition Partners VII and Lubert-Adler Real Estate Fund VII – are also to receive commitments from the pension fund.
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