Texas Municipal Retirement System (TMRS) is planning to invest up to $750m (€659.7m) in real estate in 2022, according to the pension fund’s meeting document.

The $35bn pension fund’s existing real estate portfolio is 1.9% short of its 12% allocation target.

TMRS has in the past invested in real estate via funds, separate accounts and joint venture relationships.

The pension fund also disclosed in the meeting document that it has approved an $80m commitment to the Grandview II and invested the same amount in a co-investment vehicle to invest alongside the Grandview II fund.

The fund, managed by Grandview Partners, will make opportunistic equity and debt investments primarily in the industrial and residential sectors.

TMRS has also made a $150m investment into a North America power generation infrastructure fund known as Hull Street Energy II and placed $50m into the Magnetar Climate Infrastructure Fund, the pension fund disclosed in the meeting document.

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