Oklahoma Teachers’ Retirement System has approved a $100m (€91.5m) commitment to a value-add and opportunistic real estate secondaries fund managed by Landmark Partners, an Ares company.
Oklahoma Teachers told IPE Real Assets that the commitment, subject to pending contract negotiations, has been made to the Landmark Real Estate Partners IX.
As previously reported, Landmark Partners seeks to raise $3.5bn for Partners IX to make secondary investments in various types of real estate and real estate-related entities, including taking limited partnership positions in existing funds.
The pension fund said Landmark has now raised $2.5bn for Partners IX, inclusive of the fund’s co-investment vehicle. The fund has made total commitments of $328.2m into eight transactions for the fund.
According to sources, Partners IX targets a 15% net return.
IPE Real Assets also reported that Oklahoma Teachers expected to invest $300m in total through a number of non-core fund commitments in 2023 as part of the pension fund’s real estate pacing for the period.
Oklahoma Teachers has already placed a $100m commitment each into the Oaktree Real Estate Opportunities Fund IX and the EQT Exeter Industrial Value Fund VI funds.
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