The Texas Permanent School Fund has issued $250m (€240.4m) in real estate commitments to a data centre fund managed by IPI Partners and a grocery-anchored shopping centre fund managed by Longpoint Partners.
The sovereign wealth fund said it has made a $150m commitment to IPI Partners III and placed $100m into Lena Specialty Grocer Fund III, managed by Longpoint, through its Lena Centers brand.
The targeted capital raise for Partners III is $4bn with a $6bn hard cap, according to limited partners already in the fund.
IPI Partners, now part of Blue Owl Capital, will co-invest $40m in the fund, which targets a 10% to 14% internal rate of returns with up to 65% leverage.
As previously reported IPI Partner, which will target stabilised assets as well as some value-add and development projects in OECD countries, will consider investing up to 25% of its capital in non-OECD nations.
The fundraising target for Specialty Grocer Fund III is currently unknown.
The fund aims to acquire grocery-anchored shopping centres in diverse markets throughout the US, prioritising properties anchored by the leading grocery store in each respective market.
The fund’s manager did not respond to a request for comment.
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