Institution: Employees Retirement System of Texas
Headquarters: Austin, United States
AUM: $28.29bn
Allocation to alternatives: Â 24.94%
Bitesize: $50-100m
Employees Retirement System of Texas has agreed to commit $100 million to PAG Real Estate Partners II and $50 million to Pennybacker V, a contact at the pension informed PERE. PAG’s fund focuses on property investments in Asia-Pacific, whereas Pennybacker’s is focused on North America.
The $28.29 billion US public pension has a 9.0 percent target allocation to real estate that currently stands at 7.60 percent.
As illustrated below, Employees Retirement System of Texas has made seven commitments to real estate funds with a 2018 or 2019 vintage, which combined constitute $581 million.
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