NORTH AMERICA – The Teacher Retirement System of Texas has approved its first single limited-partnership fund structure in Europe.
The pension fund closed on a €135m commitment into the AXA Independence Fund.
The value-added fund will have a diversified strategy across various property types, investing across Europe but primarily in Western Europe.
Texas Teachers is the only investor in the fund.
The pension fund tends to invest capital in real estate that has a limited-partnership fund structure, giving it more influence over its investments and allowing it to better manage its portfolio structure.
It said it saw the European region as a value-added investment play overall.
The commitment into the AXA fund was one of two approved for the month of November.
The other was a $250m (€181.5m) commitment into the Blackstone Real Estate Partners Europe IV.
This $5bn opportunity fund targets distressed real estate assets.
It will look at very large and complex transactions, including portfolio deals, public to private investments and properties from government or corporate-related entities.
Europe IV will look to invest in hotels, healthcare and student housing in the UK and Central Europe.