The Teacher Retirement System of Texas has approved $200m (€180.3m) in new real estate commitments with Square Mile Capital Partners.
The capital is to be split into a direct $100m allocation into the Square Mile Partners V and a second $100m into the Square Mile Partners V-A side-car investment, which will co-invest on specific transactions with Fund V.
Square Mile Partners is still raising capital for Fund V.
The investment strategy is to make debt, equity and hybrid investments for the fund.
All capital will be invested in US office, industrial, retail, apartments and hospitality assets.
Texas Teachers committed $100m to Square Mile Partners IV in 2013, as well as $150m to Square Mile Credit Partners and $50m to Square Mile Tactical Partners in 2014.
Texas Teachers also made a $20m allocation to Admiral Capital Group’s Real Estate Fund II.
Admiral Capital, backed by USAA Real Estate, has a value-added strategy for Fund II, seeking a mixture of debt and equity investments.
Transactions will be in the $20m-60m range.
A first investment by the fund has been made with the $30.5m purchase of the 119,826 sqft San Thomas Plaza shopping centre in California.
Fund II looks to invest in a variety of US markets, favouring office, retail, apartment and hotel assets.
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