Teacher Retirement System of Texas (TRS) has extended its relationship with PCCP by investing in the manager’s latest value-add real estate fund, helping it raise more than 60% of its $750m (€632m) target.
Texas TRS told IPE Real Assets that it made one real estate commitment in April by approving a $150m investment in PCCP Equity Fund VIII.
SEC filings last month revealed that Fund VIII had so far raised $486m.
Earlier this year, City of Fresno Retirement Systems said in a board meeting agenda that PCCP was planning to raise $750m for Fund VIII. PCCP’s previous fund raised $601m.
The fund is targeting a net return of 14% to 16% and will invest in the top 25 US market in the four major property types.
Texas TRS said the commitment will form part of its opportunistic real estate portfolio.
The pension fund’s previous commitments with PCCP include $150m into PCCP Equity Fund VII and $50m into PCCP Clipper Venture I.