Texas County & District Retirement System (TCDRS) has approved a $75m (€68m) commitment to a value-add US real estate fund managed by Marcus Capital Partners.
TCDRS disclosed in a meeting document that it has backed the Marcus Capital Partners Fund IV fund, a commitment that represents the first time that the pension fund has invested with Marcus Capital.
It is currently unknown how much capital Marcus Capital intends to raise for the fund. The manager raised $360m for the predecessor fund in January last year.
Fund IV is expected to target assets like industrial, life science and multifamily.
TCDRS said it has also approved a $75m commitment into the FPA Apartment Opportunity Fund VIII fund.
FPA plans to raise $1.35bn for the opportunistic US apartment fund which targets a 12% net internal rate of return.
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