Texas County & District Retirement System (TCDRS) has approved $325m (€281m) worth of commitments into real estate funds managed by Cerberus Capital Management, FCP and KSL Capital Partners.

The pension fund said it has made a $200m commitment Cerberus Real Estate Debt Fund II, placed $75m into the KSL Capital Partners VI fund and made a $50m co-investment into the FCP Realty Fund V fund.

The debt Cerberus seeks to raise $4bn to invest in US and European assets that can produce gross returns of 10% to 13%, according to people familiar with the matters.

The KSL fund targets hotels, resorts, clubs and fitness properties globally.

Last year, TCDRS placed $125m directly into FCP Realty Fund V, a fund that raised $1.2bn at its close in September 2021 to mainly invest in US multifamily, office and mixed-use assets.

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