Texas Teachers boosts AEW senior housing fund with co-investment

Teacher Retirement System of Texas has provided an extra $100m (€93.7m) in co-investment capital for AEW Capital Management’s latest senior housing fund.

The $100m in co-investment capital comes on top of an earlier $150m commitment made to the fund.

It means Texas Teachers has committed $250m to AEW Senior Housing Investors III, representing more than 40% of capital raised. Before the new $100m co-investment, AEW had earlier this year raised close to $500m.

According to industry sources, US pension funds typically prefer to limit their holdings in a fund to 30%.

The AEW fund will focus on senior housing in the US.

Texas Teachers is categorising the investment as opportunistic, because AEW will invest in both existing assets and properties in need of repositioning, renovation, recapitalisation or is a development opportunity.

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