Texas Municipal Retirement System (TMRS) has the potential to invest up $1.4bn (€1.35bn) in real estate and infrastructure next year.
The pension fund has sets its real assets pacing plan at $1bn, with a minimum of $600m and a maximum $1.4bn, according to a board meeting document.
TMRS did not specifiy how much would be allocated to real estate and infrastructure and the pacing plan is only a guide.
This year, it had set a $600m pacing plan for real estate, but by the third quarter it had only approved one investment, comitting $100m to WCP NewCold III, a specialist cold-storage fund.
The pension fund also had a $600m pacing plan for infrastructure, but so far has only committed $258m.
TMRS has real estate portfolio valued at $4.9bn, representing 11.4% of total assets and just below its 12% allocation target.
The infrastructure portfolio is worth $2.4bn, making up 5.6% of total assets and similarly 40bps below its long-term allocation of 6%.
To read the latest IPE Real Assets magazine click here.
