Teacher Retirement System (TRS) of Texas has extended its opportunistic US apartment investment partnership with Greystar Real Estate Partners with a new $200m (€175.2m) commitment.

The pension fund told IPE Real Assets that it has approved the new capital to Greystar TT II, a new limited partnership which will buy existing value-added apartments and invest in development projects in the US.

The relationship was first established in 2017 when TRS of Texas gave Greystar $200m to create Greystar TT.

The pension fund said Greystar TT’s internal rate of returns since inception up to the end of June 2021 was 12.2%.

Greystar TT’s portfolio is valued at $456.5m.

The manager Greystar declined a request for comment.

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