Employees Retirement System (ERS) of Texas intends to invest up to $550m (€552.1m) in real estate and infrastructure in the fiscal 2023 year which begins next month.
The pension fund disclosed in a meeting document that it plans to make up to $300m worth of non-core real estate commitments in the new fiscal year beginning 1 September.
In the current fiscal 2022 year, $200m of the total $320m ERS of Texas approved to real estate was made to the core sector.
The commitments in 2022 included an investment in housing and net-leased funds in the US and two commitments targeting opportunities in Asia.
For infrastructure, ERS of Texas has set a $250m pacing plan for fiscal 2023 which could see the pension fund making commitments to a mixture of three to six funds and between two and four co-investments or direct investments.
According to the meeting document, ERS of Texas intends to continue to grow its exposure with core and core-plus managers in Europe, Canada and Australia.
The pension fund’s infrastructure portfolio comprises 16% core, 56% value-add and 28% opportunistic assets.
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