Teacher Retirement System of Texas has approved $1.07bn (€951m) of new commitments to real estate, all targeting value-add and opportunistic strategies.
The pension fund told IP Real Estate it is investing $270m in Akard Street Industrial, $200m in Brookfield Strategic Real Estate Partners II-B, $300m in Lone Star Real Estate Fund IV and $300m in Blackstone Real Estate Partners VIII.
Akard Street Industrial is a separate account targeting US industrial properties and managed by Hunt Realty Investments.
Texas Teachers has invested with Hunt Realty since 2009, according to the manager’s website.
Brookfield Real Estate Partners II is a global opportunistic strategy, for which Brookfield is seeking to raise $7bn in capital, while co-investing $2bn.
Half of the fund will be invested in the US and the rest in international markets like Europe, Brazil and Australia.
Lone Star has raised approximately $5.8bn for its Real Estate Fund IV in a single close. Another major investor in the fund was the Oregon Public Employees Retirement Fund, which committed $300m.
The fund is pursuing a global opportunity strategy and will invest in North and South America, Western Europe and Japan. The deals will include a mixture of equity and debt in distressed real estate and related operating companies.
Topics
- Americas
- Asia-Pacific
- Australia
- Blackstone
- Brazil
- Brookfield
- Capital Raising
- Closed-ended funds
- Debt Markets
- Europe
- Industrial
- Investment Strategies
- Investment Vehicles
- Investors
- Latin America
- Lone Star
- North American Investors
- Opportunistic
- Pension Funds
- Real Estate
- Separate accounts
- Texas Teachers
- US
- US Investors
- Value-added
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