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ERS approves $50m in commitments

The US public pension has backed two domestic real estate funds.

Institution: Employees Retirement System of Texas
Headquarters: Austin, United States
AUM: $28.67bn
Allocation to alternatives: 24.47%
Bitesize: $50-100m

Employees Retirement System of Texas has agreed to commit $30 million to Northpond Fund IV and $20 million to Pennybacker Extended Investment Vehicle (Co-Investment Fund V), a contact at the pension informed PERE.

The latter fund is the co-investment vehicle for Pennybacker V, to which ERS committed $50 million in August 2019. Both funds follow a value-add strategy and invest across multiple sectors.

The US public pension has a 9.0 percent target allocation to private real estate that currently stands at 7.56 percent.

As illustrated below, ERS has committed to six real estate funds with a 2019 vintage that combined constitute $375 million.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.