Employees Retirement System (ERS) of Texas has disclosed approving a $50m (€43.9m) commitment to PAG Real Estate Partners III, a pan-Asia core-plus/value-add fund.

The fund’s manager PAG raised $2.75bn for its second fund in April 2020.

ERS of Texas said it has also approved a $50m commitment to the AEW Essential Housing Fund, an open-ended US apartment fund.

The core fund targets existing assets that can produce a total return of not less than 7.5% on a long-term basis.

AEW did not respond to an email seeking comment for this story.

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