Teacher Retirement System of Texas (TRS) has approved a $100m (€90.9m) commitment to Pennybacker Capital’s latest US value-add real estate fund.
The pension fund said it placed the capital into the Pennybacker VI fund.
Pennybacker is seeking to raise $2bn for the fund, according to sources. Pennybacker VI is expected to target assets that can produce net internal rate of returns of 13% to 16%.
The manager declined a request for comment.
TRS has also disclosed making a $100m commitment to the ISQ Co-Investment Fund, an infrastructure fund managed by I Squared Capital.
The opportunistic fund is expected to target assets in international emerging markets.
I Squared Capital is known for investing in the energy, utilities, telecom and transportation sectors.
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