Teacher Retirement System (TRS) of Texas has made its inaugural investment in a Temerity Strategic Partners-managed real estate fund.
The pension fund said it has made a $100m (€90.7m) commitment to the Temerity Strategic Partners Fund.
According to sources familiar with the fund, Temerity seeks to have a final close for the fund before the end of the year.
TRS of Texas views this investment as part of its opportunistic real estate strategy, focusing solely on the US.
The Temerity fund’s investment strategy involves providing growth capital to real estate firms. Recent examples include Temerity’s partnership with DLC Management to acquire suburban shopping centres in Maryland and Boston, as well as its $50m investment in Ashcroft Capital for apartment development in Texas, Florida, Georgia, and North Carolina.
Temerity declined a request for comment.
TRS of Texas has also expanded its relationship with Tricon Capital Group by committing $150m to the SFR JV-3 partnership.
The entire commitment will be invested in the single-family rental sector, targeting value-add opportunities across the US.
Tricon Capital did not respond to a request for comment.
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