Texas Teachers invests $600m in Brookfield and Almanac property funds
Teacher Retirement System of Texas (TRS) is investing $600m (€244m) in real esate funds managed by Brookfield Asset Management and Almanac Realty Investors.
The pension fund told IPE Real Assets it had approved a $300m commitment to Brookfield Strategic Real Estate Partners III, Brookfield’s latest global opportunity fund.
It also said it would invest $150m in Almanac Realty Securities VIII and the same amount for co-investment alongside the fund.
Almanac is seeking to raise around $1.2bn for Realty Securities VIII and is targeting a net internal rate of return of between 12% to 14%.
Texas TRS is joined by the Ohio Police & Fire Pension Fund, which has approved a $60m commitment to the fund.
Almanac provides growth capital for public and private real estate operating companies, mostly based in the US.