Teacher Retirement System (TRS) of Texas said it has approved a $200m (€174m) commitment to US real estate debt fund Square Mile PE Partners A.
Square Mile Capital, the fund manager, is known for investing in real estate debt and credit situations.
TRS of Texas, a $150bn pension fund, is classifying it as a special situations investment and will form part of its real assets portfolio.
It is the third investment the pension fund has made with Square Mile this year, following a $200m commitment to Square Mile Tactical Partners II-A in January and a $150m commitment to Square Mile Credit Partners II-A in June.
Square Mile declined a request for comment.