Teacher Retirement System of Texas (Texas Teachers) is investing $200m (€186m) in distressed real estate debt through Affinius Capital Management.
Texas Teachers approved two $100m commitments to Affinius Capital Partners VII, according to the pension fund’s list of commitments made in August.
Texas Teachers, which expects the capital to be invested in opportunistic US real estate assets, is making the commitments from its non-core real estate portfolio.
According to sources, Capital Partners VII will be making US distressed debt transactions backed by all of the major properties like offices, industrial, retail and apartments.
Affinius Capital, formerly known as USAA Real Estate, did not respond to a request for comment.
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