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.
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet