Teacher Retirement System of Texas (TRS) has approved more real estate co-investments with Square Mile Capital Management.

The pension fund, which has entered into co-investments with Square Mile previously, confirmed to IPE Real Assets that it was co-investing $160m (€143m) on an opportunistic basis.

The co-investment is the largest part of $232m of new real estate investments approved by Texas TRS.

It is also co-investing $22.1m alongside Greystar Real Estate Partners, a residential fund manager, and investing $50m in value-add real estate fund Pennybacker V.

Pennybacker Capital is close to a final close on the fund, for which it hopes to raise $600m, according to industry sources.

Square Mile and Pennybacker Capital declined requests for comment.