Teacher Retirement System (TRS) of Texas has approved a $225m (€194m) commitment to the Mack Real Estate Finance fund.
TRS of Texas told IPE Real Assets that the investment with Mack Real Estate Group was its first ever with the manager, and the pension fund’s only real estate commitment last month.
It is being classified as a special situations investment and will form part of the $150bn pension fund’s real assets portfolio.
The fund provide will debt financing for a variety of real estate assets in the US.
Mack Real Estate Group, which declined a request for comment, has now raised over $500m of equity for the fund, according to sources that track capital raising.