Texas Municipal Retirement System is planning to make up to $600m (€553m) worth of new real estate commitments this year, according to a board meeting document.

The pension fund will consider placing capital into a range of core, value-add and opportunistic strategies.

Texas Municipal will be evaluating opportunities on a global basis and will consider diversified, multi-sector strategies as well as a single-sector strategies.

The pension fund said it would also consider a variety of investment structures, including commingled funds, separate accounts and joint ventures.

Texas Municipal will consider managers it has existing relationships with as well as new managers.

The pension fund has also approved a new request for proposal (RFP) for a new real estate consultant. It is has been advised by ORG Portfolio Management since 2010.

Texas Municipal is halfway to reaching its 10% allocation to real estate.

At the end of 2014, its real estate portfolio was valued at $1.2bn, representing 4.95% of its total assets of $23.6bn.