Employees Retirement System (ERS) of Texas has committed $75m (€64.7m) to Heitman’s core-plus US self-storage real estate fund, according to the pension fund’s board meeting document.
The pension fund’s commitment is part of a broader $275m capital raise achieved by the Heitman Core-Plus Real Estate Storage Trust, which has also secured $200m in co-investment capital.
According to sources familiar with the matter, the fund is seeking to raise $2bn from limited partners, and Heitman has seeded the vehicle with the acquisition of a 4.9m sqft portfolio of 79 self-storage assets across 16 US states.
ERS of Texas has also committed $75m to the Faropoint Industrial Value Fund IV, a $1bn vehicle targeting investments in non-core industrial assets.
The pension fund expanded its exposure to the manufactured housing sector via a $50m commitment to the Horizon MH Communities Fund III. According to an SEC filing from December last year, Fund III is seeking to raise of $400m.
The pension fund placed $35m into Marcus Capital Partners Fund V, which achieved an $850m final close in March this year. The capital from that fund will primarily target industrial and multifamily assets across the US East Coast.
ERS of Texas has approved two real estate commitments that have not yet closed. These comprise a $100m allocation to Realterm Logistics Fund V for the acquisition and development of non-core industrial assets, alongside $50m to Campus Apartment Fund III to target student housing properties.
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