Texas Teachers targets medical offices via new LaSalle fund
Teacher Retirement System of Texas is investing in a medical offices fund for the first time.
The $150bn (€132bn) pension fund said it will commit $250m to the LaSalle Investment Management’s Medical Office Fund III.
LaSalle Medical Office Fund II raised $303m last year, according to sources that track fundraising.
The closed-ended fund series targets on and off-campus medical office buildings in the US.
Texas Teachers said the fund investment will form part of its core real estate portfolio.
The pension fund also approved a $300m commitment to Lone Star Fund XI, which invests mostly in US and European residential debt, and a $150m commitment to BlackRock Global Energy & Power Infrastructure Fund III (GEPIF III).
IPE Real Assets reported last month that Lone Star had raised close to $3bn for its latest global real estate fund.
It was also reported that BlackRock Real Assets had raised $1.5bn for GEPIF III at first close in July.