Teacher Retirement System of Texas has made a $150m (€134m) commitment to Pennybacker Capital’s latest US value-add real estate fund, according to a report by the pension fund detailing its September commitments.
The pension fund said it placed the capital into Pennybacker VII.
The targeted capital raise for the new fund is currently undisclosed. Pennybacker raised $1.6bn for the previous fund in the series, which closed in May 2024.
Pennybacker declined to comment.
Texas Teachers has also expanded its infrastructure portfolio by committing $200m to EnCap Energy Capital Fund XIII and placing $9.95m into Tailwater Infrastructure CV I-B, an opportunistic US fund.
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