The Teacher Retirement System of Texas (Texas Teachers) has approved $400m (€352m) in new real estate commitments, backing funds managed by Sam Zell’s Equity International and CBRE Global Investment Partners.

Capital will be invested outside the US and placed in non-core real estate.

A $200m allocation to the CBRE GIP’s US Feeder Vehicle will be invested in opportunistic real estate in international developed markets.

Texas Teachers also approved two new commitments with Equity International, split between a fund commitment and a co-investment with the fund.

The pension fund made a $125m commitment to the Zell Equity International Fund VI, as well as a $75m allocation to the Zell Equity International Fund VI Special Opportunities, allowing the investor to make select investments along with Fund VI.

The capital is to be invested in international emerging markets, targeting a combination of public and private real estate companies.

Equity International raised $650m of equity for its last fund, Zell Equity International Fund V, in October 2011, the largest capital raise of any of its previous funds.

The companies in which it invested, based in Asia, Brazil, India, Mexico and Columbia, focused on core property such as industrial and corporate real estate. 

Others owned and developed specialised real estate including hotels, home-building and self-storage.