Teacher Retirement System of Texas has committed $650m (€590m) to opportunistic real estate strategies, including Tristan Capital’s new €1.5bn European fund.

The pension fund told IP Real Estate that in July it approved a $150m commitment to Tristan Capital’s European Property Investors Special Opportunities 4 fund and two separate account mandates worth a combined $500m.

Texas Teachers invested in Tristan’s previous fund two years ago.

DivcoWest has been given a $250m separate account mandate to invest in opportunistic real esate in the US. 

The fund manager, which typically invests in office and R&D markets, declined to comment.

Hunt Investment Management will manage Pecos Partners, a $250m separate account invest in US special situations.

A $250m separate account called Pecos Partners has also been created to invest in US special situations. The fund manager did not comment.

Texas Teachers has been directing capital to value-add and opportunistic strategies this year, including most recently Almanac Realty Investors’ $1.42bn fund and two funds managed by PCCP.