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.

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