Texas Municipal Retirement System (TMRS) has approved $263m (€233m) of new commitments to real estate and infrastructure funds managed by Pennybacker Capital and Global Infrastructure Partners (GIP), respectively.

In a board meeting document, the $28.4bn pension fund said it will commit $75m to the value-add Pennybacker V fund and an additional $37.5m into an unnamed extended investment vehicle, while also committing $150m to Global Infrastructure Partners IV.

Pennybacker V is currently seeking a $600m capital raise and, according to TMRS, the manager will simultaneously raise an extended investment vehicle at the close of the investment period for Fund V.

Fund V will acquire a variety of US property types and target net returns in the range of 13% to 16%.

GIP’s latest fund is expected to be its largest yet, as it seeks to raise $20bn. The fund targets net returns of at least 13%.

The fund will invest in core and core-plus assets mostly in OECD countries.