Texas Municipal Retirement System (TMRS) has raised its 2021 real estate pacing plan by 50% to $1.2bn (€1bn) following a review.
As previously reported, the $35bn pension fund, had planned to issue $800m worth of new real estate commitments in 2021 and plans to rebalance the core investments within the portfolio. TMRS issued $1bn worth of real estate commitments in 2020.
According to the pension fund’s latest meeting document, it has increased its target allocation for real estate from 10% to 12% following a review and recommendation by RVK. The plan is to revert the pacing plan back to $800m in 2022.
TMRS disclosed that real estate investments made this year include a $200m commitment to Ascentris/TM Partners, a US value-add separate account relationship with first-time manager Ascentris. The manager did not respond to a request for comment.
TMRS also placed $150m and $100m respectively into the Virtus Real Estate Capital III and Transwestern Strategic Partners Fund III value-add funds.
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