Employees Retirement System of Texas has disclosed it made a $50m (€41.2m) commitment to a recently closed Marcus Partners value-add US real estate fund.

Late last month, Marcus Partners announced a $360m fundraise for the Marcus Capital Partners Fund III fund, an amount which exceeded the fund’s original $300m target and $350m hard cap target.

At the time, the manager said the investors included more than 80% of the investors that participated in Fund II and represent around 85% institutional investors along with some high-net-worth families.

Paul Marcus, the CEO of Marcus Partners, said the fund will target assets in the Boston, Washington, DC and New York metro areas.

He added: “Fund III is focused on industrial, life science and multifamily and selected other property types.”

To read the digital edition of the latest IPE Real Assets magazine click here. 

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