Texas Municipal Retirement System (TMRS) has approved $325m (€300m) worth of new commitments into three US real estate funds as part of its plan to invest around $800m in the property sector this year.
In a meeting document, the $28bn pension fund said it will invest $200m in the Virtus Real Estate Enhanced Core fund, $75m in the value-add Berkeley Partners Value Industrial Fund V fund and $50m in the Abacus Core Income Fund I fund.
The Virtus fund will target property types like healthcare, self-storage, senior living, workforce/student housing and other education-related real estate assets.
Virtus Real Estate declined a request for comment.
The Berkeley Partners fund will be investing in light industrial properties. The manager Berkeley Capital Management seeks to invest in local infill, multi-tenanted and light industrial urban core properties.
The Abacus fund will target core apartment assets.
TMRS said Abacus has been one of the pension fund’s strongest performing real estate managers.