Texas Permanent School Fund has approved $350m (299m) worth of new real estate commitments, the $41.44bn pension fund disclosed during a board meeting.

Texas Permanent said it will commit $75m to TPG Real Estate Partners II, $75m to Tristan Capital Partners’ European Property Investors Special Opportunities (EPISO) 5, $100m to the Madison Realty Capital Debt Fund IV, and $100m to PAG Enhanced Credit Fund II.

It is the first time the pension fund has invested with TPG Real Estate, which has raised over $3bn and has a $3.5bn hard cap target for its latest fund. It is expected to have a final closing in the current quarter.

The investment in EPISO 5 fund, for which Tristan is seeksing to raise €1.5bn, is a follow-on investment. Texas Permanent previously backed funds three and four.

Madison Realty Capital has already raised $600m and is projected to have another $400m to $500m raised over the next 30 to 45 days, Texas Permanent said.

Texas Permanent said Madison has already invested 48% of the capital it hopes to raise. The fund has a regional investment strategy focused on assets in the tri-state region of New York City.

The investment with PAG is an invitation-only investment. The fund is intended to have around six or seven limited partners.