Texas Teachers becomes first investor in CBRE GI opportunistic fund
A new opportunistic US real estate fund set up by CBRE Global Investors has received $200m (€162m) from Teacher Retirement System (TRS) of Texas, the fund’s first investor.
CBRE GI declined to comment. An SEC filing late last month revealed CBRE US Development Partners 5 was planning to raise an undisclosed sum.
Texas TRS told IPE Real Assets that it has approved the amount into Partners 5, the pension fund’s only real estate investment in March.
At the time of the commitment, Texas TRS and the asset manager were the only partners in the investment entity.
Partners 5 will target a combination of existing assets and new development projects.
Texas TRS said the investment will form part of its opportunistic real estate portfolio.