Texas County & District Retirement System (TCDRS) has approved a $75m (€71.3m) commitment to a US value-add real estate fund managed by FCP.

The pension fund said it has backed FCP Realty Fund VI, a fund seeking to raise $1.65bn.

As previously reported, the Teachers’ Retirement System of Louisiana also approved a $75m commitment to the FCP fund.

The US real estate fund manager raised $1.2bn for FCP Realty Fund V at the fund’s final close in September last year.

The latest fund is expected to mainly target multifamily assets with a secondary focus on commercial properties such as office, life science and mixed-use.

Back in February, TCDRS also issued a $50m co-investment to FCP Realty Fund V. This was after the pension made a $125m commitment directly into the fund in June 2021.

FCP declined a request for comment.

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