Teacher Retirement System of Texas (TRS) is bolstering its industrial real estate exposure by investing $350m (€320m) with two new investment managers.
The pension fund confirmed to IPE Real Assets that it has allocated $250m to Bridge Development Partners (BDP) to invest opportunistically in the sector.
It has also committed $100m to AlterraIOS Venture III, a fund managed by US industrial outdoor storage specialist AlterraIOS.
As previously reported, AlterraIOS is seeking to raise $750m for the fund, and has also been joined by Texas Employees Retirement Fund, which committed $50m.
Texas TRS has not invested with BDP or AlterraIOS in the past.
Texas TRS also committed $100m to the Secured Capital Real Estate Partners VIII, an opportunistic fund managed PAG Investment Advisors. The fund will invest in distressed debt and buy existing properties in markets throughout Asia.
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