Texas Teachers invests $250m in Equity International real estate strategy

Teacher Retirement System of Texas (TRS) committed $467m (€415m) of capital to real estate strategies last month, more than half of which went to a new value-add real estate fund run by Equity International.

The pension fund confirmed to IPE Real Assets that it had committed $250m to River Washington, which it said was a value-add investment.

Equity International did not respond to a request for comment.

The company, chaired by billionaire Sam Zell, is known for making entity-level investments in real estate operating companies.

TRS also committed $117m to Houston BBP, an investment entity managed by Lionstone Partners that will invest opportunistically in the US.

Lionstone declined a request for comment.

The pension fund also committed $100m to co-investments with Square Mile Capital Management.

TRS made a number of commitments to Square Mile funds last year.

Square Mile did not reply to a request for comment.

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