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.