TCDRS approves $125m commitment

The US public pension has backed Related Companies' third series value-add real estate fund.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $30.39bn
Allocation to alternatives: 30.12%
Bitesize: $50-100m

Texas County and District Retirement System (TCDRS) has agreed to commit $125 million to Related Real Estate Fund III, according to a recent report from the pension’s website. The value-add fund invests across all sectors within North America. The pension also committed $40 million to the fund’s predecessor in 2014.

The $30.39 billion US public pension has a 6.0 percent target allocation to private real estate that currently stands at 2.52 percent.

As illustrated below, TCDRS has made 13 commitments to real estate funds with a 2018 or 2019 vintage, which combined constitute $1.22 billion.

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