The Texas Permanent School Fund has confirmed it is among investors in Tristan Capital’s €1.5bn European real estate fund.
The US investor has committed €50m to European Property Investors Special Opportunities IV fund, a value-added/opportunistic strategy for which Tristan Capital announced a first close last week.
It comes a month after San Francisco Employees’ Retirement System revealed it had invested €100m in the fund.
At the time, San Francisco ERS board meeting documents showed that a final close was expected in December. But Tristan Capital said it had already reached its hard cap, representing its fastest-ever capital raise.
Tristan said half of the capital raised came from US institutions.
It is the first time that the Texas Permanent School Fund has committed to a European real estate fund this year.
Last year, it committed €55m to Tristan Capital’s predecessor fund, and in 2013 it committed €100m to Blackstone Real Estate Europe IV and $75m to Ares European Real Estate Fund IV. The year before that it committed €40m to the NIAM Nordic V fund.