Texas Permanent School Fund Corporation is investing in value-add US industrial real estate via a fund managed by CapRock Partners.

Following a public information request, the pension fund has confirmed approving a $50m (€47.2m) commitment to the CapRock Partners Value-Add Industrial Fund IV.

Jon Pharris, co-founder and president of CapRock Partners told IPE Real Assets: “We did have our first close on Fund IV recently and we were able to exceed our own internal capital raising goal, even though it’s a current difficult capital raising environment.”

Pharris declined to disclose the amount raised in the first close.

A date for the final close for Fund IV, which has a $500m target and a $600m hard cap, is yet to be determined.

CapRock Partners raised around $325m for Fund III, the predecessor fund in the series, which closed in January 2021.

Fund IV will mostly acquire existing industrial assets in the west and central region of the US, but will also consider some new development opportunities.

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