Texas Municipal Retirement System (TMRS) has set its 2023 real estate pacing plan at $500m (€464.8m), according to the pension fund’s meeting document.
TMRS said the amount intended for investments by the end of the current year could be decreased or increased by up to $250m (€464.8m), depending on opportunities.
For the year ended 31 December 2022, the pension fund made $750m worth of real estate commitments.
TMRS, which has so far made no real estate commitments in 2023, said part of the investment plan for the year involves embarking on strategic partnerships and co-investment expansion to help reduce the fee load on the portfolio.
The pension fund’s real estate portfolio has an over-allocated to both multifamily and other property types like life science, medical office and self-storage, with an underweight to industrial, traditional office and retail.
TMRS also disclosed in the meeting document that it has made two infrastructure fund commitments by approving $150m into Excelsior Renewable Energy Feeder Fund II-B and committing $31m to MTP Zilker AV1.
Back in March IPE Real Asset reported that North American renewables fund manager Excelsior Energy Capital had at the time raised two-thirds of a $750m target for its second fund. Excelsior Renewable Energy Investment Fund II will be investing in a variety of sectors including wind, solar, storage and energy transition.
SEC filing at the end of March this year showed that MTP Infrastructure Partners had at the time raised $31.3m for MTP Zilker AV1.
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