Texas Municipal Retirement System (TMRS) has made $250m (€228.9m) worth of commitments to Stockbridge Capital and Virtus Real Estate Capital funds, the pension fund’s first real estate commitments for 2023.
TMRS has placed $125m into Virtus Real Estate Capital IV and invested the same amount into the Stockbridge Value Fund V.
According to an SEC filing, Virtus Real Estate has so far raised $227m of the $900m it is seeking to raise for Fund IV.
Virtus Real Estate is known for investing in niche real estate like senior living, medical office buildings, student and workforce housing, self-storage and educational assets.
Virtus Real Estate did not respond to a request for comment.
Stockbridge Capital mainly invests in office, industrial, retail and apartment assets, as well as medical office buildings.
Stockbridge Capital declined a request for comment.
Back in May, IPE Real Assets reported that TMRS had set its 2023 real estate pacing plan at $500m, adding that the amount intended for investments during the period could be decreased or increased by up to $250m, depending on opportunities.
For the year ended 31 December 2022, the pension fund made $750m worth of real estate commitments.
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