Employees Retirement System (ERS) of Texas is expected to invest around $300m (€274.3m) in real estate in fiscal 2021, according to the pension fund’s pacing plan.

Meketa Investment Group, an investment consultant for the pension fund, said in a meeting document that if the pacing plan for the fiscal year beginning in September 2020 is achieved, it will be lower than the $557m of new commitments approved in the current fiscal 2020.

The consultant said the potential commitments to be made in fiscal 2021 will be issued through a mixture of a number of core and non-core investments of up to $150m each.

The $28bn pension fund expects to consider some real estate debt. It also intends to increase its exposure to international real estate which currently accounts for $480m or 20.6% of its total real estate portfolio compared with a 30% long-term target.

To read the digital edition of the latest IPE Real Assets magazine click here.

Topics