The Teacher Retirement System (TRS) of Texas has made a €30m real estate commitment to PIMCO, marking the first time the pension fund has partnered with the investment manager in this role.
IPE Real Asset understands that the investment will be structured as a fund-of-one between TRS of Texas and the manager. All capital for the separate account will be allocated to European real estate, with a focus on opportunistic investments.
PIMCO declined a request for comment.
The PIMCO commitment was one of two real estate investments the pension fund said it made last month. The other was a $50m commitment to CSF Asset Management’s CSF IV fund, which targets opportunistic US real estate.
TRS of Texas has allocated $100m (€96.2m) to its energy, natural resources and infrastructure portfolio, by committing the capital to the Oaktree Olorin Investment Fund.
The vehicle managed by Oaktree Capital Management invests in value-add assets within the US.
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