Texas Municipal Retirement System has recently approved close to $800m (€718m) worth of investments in a range of global real estate funds.
The largest is a $250m commitment to the USAA Eagle Real Estate Fund, an open-ended vehicle that invests in core-plus US properties.
The pension fund is also investing in two funds managed by real estate debt specialist H/2 Credit Partners, committing $125m to H/2 Credit Partners and $75m to H/2 Core Real Estate Debt Fund.
A $100m commitment has been made to TPG Real Estate’s latest opportunistic fund.
TPG Realty Fund II invests in real estate platforms and portfolios in the US and Europe. This week it was announced that TPG was buying TriGranit, a central European real estate developer.
Texas Municipal told IP Real Estate that it favoured the strategy because it does not currently have any similar exposure.
The pension fund has also committed $75m to Rubenstein Properties Fund III, $75m to Torchlight Debt Opportunity Fund V, $50m to Alcion Real Estate Partners III-B and €30m to Tristan Capital’s European Property Investors Special Opportunities 4.
The news comes several months after Texas Municipal revealed it was planning to make up to $600m in new real estate commitments this year.
Topics
- Americas
- Asset Allocation
- Capital Raising
- Closed-ended funds
- Core/Core-plus
- Debt funds
- Debt Markets
- Europe
- H/2 Capital Partners
- Investment Strategies
- Investment Vehicles
- Investors
- Mandates
- North American Investors
- Open-ended funds
- Opportunistic
- Real Estate
- Texas Municipal Retirement System
- Torchlight
- TPG
- Tristan Capital
- US
- US Investors
- USAA Real Estate Company
- Value-added
