LaSalle Investment Management announced on Monday that it has entered into an agreement with the Teacher Retirement System of Texas (TRS) to invest an initial $205 mln (EUR 139.6 mln) in real estate opportunities in North America and, eventually, around the globe. The discretionary investment fund will be managed by LaSalle, a global real estate investment manager with $36 bn of assets under management.
LaSalle Investment Management announced on Monday that it has entered into an agreement with the Teacher Retirement System of Texas (TRS) to invest an initial $205 mln (EUR 139.6 mln) in real estate opportunities in North America and, eventually, around the globe. The discretionary investment fund will be managed by LaSalle, a global real estate investment manager with $36 bn of assets under management.
The fund will invest in real estate co-investment opportunities presented to LaSalle by private equity general partners (GPs) who specialise in such investments. The fund will initially focus on existing relationships within TRS' stable of GP fund managers, although it is expected that LaSalle will eventually consider investing a portion of the capital into co-investment opportunities with GPs in which TRS does not have an existing relationship. LaSalle will seek to build a diversified portfolio of investments based on geography, property type, risk profile, and GP sponsorship.
The fund will identify compelling macro-level strategies for the coming two- to three-year period and then pursue top-performing GPs with expertise in the targeted strategies. LaSalle expects the fund to be able to capitalise on attractive opportunities given the current shortage of capital in the marketplace for real estate investments.
