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ERS Texas approves $37.5m commitment

The US public pension has backed BlackChamber Group's debut real estate vehicle.

Institution: Employees Retirement System of Texas
Headquarters: Austin, United States
AUM: $28.30bn
Allocation to alternatives: 30.0%
Bitesize: $50-100m

Employees Retirement System of Texas has confirmed a $37.50 million commitment to BlackChamber Real Estate Opportunity Fund, a contact at the pension informed PERE. The vehicle is targeting $500 million in equity capital, and has raised one-fifth of that total as of May 2020.

The $28.30 billion US public pension has a 12.0 percent target allocation to real estate that currently stands at 11.05 percent.

As illustrated below, ERS Texas has made six commitments to real estate funds in 2020, the strategies of which have been split equally between value-add and opportunistic.

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