Texas County & District Retirement System (TCDRS) has backed FPA Multifamily’s latest US core-plus fund with a $75m (€74.3m) commitment.
The pension fund said it has made the capital commitment to FPA Core Plus Fund VI, a fund that IPE Real Assets understands is seeking to raise $1bn, slightly exceeding the $970m raised for the previous fund in the series.
Fund VI will invest in existing apartment assets at below replacement cost which can produce net leveraged internal rate of returns in the range of 9% to 11%. Leverage on the new fund will not exceed 50%.
TCDRS said it also issued a $27.9m commitment to SCP Real Estate Opportunities Fund II that is managed by Stockdale Capital Partners.
Stockdale raised $550m in March 2020 for a previous fund which targets value-add and opportunistic real estate transactions across the West and Southwest US.
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