Texas Permanent School Fund has approved a $200m (€176.1m) commitment to Ares Management Corporation’s latest value-add US real estate fund.
The sovereign wealth fund said it has committed the capital to Ares US Real Estate Fund XI, a fund whose target fundraising amount is currently unknown.
Ares raised $1.8bn for US Real Estate Fund X, the previous value-add fund in the series, in October 2022.
Fund XI plans to acquire and enhance institutional quality assets in historically attractive sectors such as multifamily and industrial. The investment strategy for Fund XI includes setting aside smaller allocations for other significant and related property types.
Ares declined a request for comment.
Texas Permanent awarded a $52.9m commitment to Affinius Capital for the Housing Platform Fund, as well as a $10m commitment to the Three Premier SHD Partnership, a real estate debt fund also managed by Affinius Capital.
Affinius Capital did not respond to a request for comment.
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