Texas Municipal backs Madison Realty and Abacus US property funds

Texas Municipal Retirement System (TMRS) is investing $200m in real estate funds managed by Madison Realty Capital and Abacus Capital Group.

The pension fund said it approved $100m commitments to both Madison Realty Capital Debt Fund V and Abacus Multi-Family Partners V.

Madison Realty raised $1.13bn for its previous debt fund in April this year, targeting deals in New York.

According to TMRS, Madison Realty’s latest fund will expand the manager’s focus to include Los Angeles and Florida.

The fund will be seeking commercial real estate assets that can produce net internal rate of returns (IRRs) of 10% to 13%.

The Abacus Capital fund will target apartment properties that have relative affordability in markets and sub-markets showing favourable multifamily trends. This would include large markets like New York City and smaller regions such as Atlanta and Denver.

Abacus Capital will focus on value-add assets that can produce net IRRs of 11% to 14%.

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  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global.
    Size: $200m.
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