Institution: Employees Retirement System of Texas
Headquarters: Austin, United States
Allocation to alternatives: 24.47%
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.