Teacher Retirement System (TRS) of Texas has approved a $100m (€90.6m) commitment to a DivcoWest managed fund as part of five new real estate commitments issued by the pension fund.
The pension fund said the investment in DivcoWest Fund VI is part of $365m worth commitments approved last month.
According to sources, real estate fund manager DivcoWest is at the initial stages of fundraising for the new US value-add office and industrial property fund.
The predecessor fund raised $1.58bn in September 2017.
DivcoWest declined a request for comment.
TRS of Texas is committing $100m and $65m respectively to real estate debt strategies via Square Mile Partners VI and Mack Real Estate Credit Strategies’ MREF TT Co-Investment.
It has also committed $25m and $75m, respectively, to the Pennybacker Extended Investment Vehicle and Wheelock Street Real Estate Fund VI opportunistic strategies.
A previous version of this story incorrectly referred to DivcoWest Fund VI as an industrial fund. DivcoWest Fund VI will target mostly office and some industrial assets.