The Employees Retirement System of Texas is to invest up to $300m (€265m) in real estate in 2016, according to a public document from the pension fund.

The scheme, which has a $2.5bn real estate portfolio, will focus on value-added and opportunistic strategies.

According to the Green Street Commercial Property Price index, core US gateway properties, with their low funding costs, have surpassed valuations from their 2007 peak of 14%.

In board meeting documents, Texas Employees said it would place new capital in as many as 15 commitments, with exposure to international real estate expected.

Texas Employees, which has RVK as its real estate consultant, makes most of its commitments through funds.

The pension fund, which can invest in a variety of strategies, will also consider separate accounts and co-investment structures, as well as multi-let and single-let assets in the apartment, industrial and self-storage sectors.

The fund’s current portfolio has generated a net IRR of 11.2% since creation in 2010.