TCDRS approves $275m in real estate commitments

The US public pension has backed two real estate vehicles.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $31.92bn
Allocation to alternatives: 36.55%
Bitesize: $50-100m

Texas County and District Retirement System has agreed to $275 million in real estate commitments, according to a recent report on the pension’s website. The commitments comprise of $150 million to Blackstone Real Estate Debt Strategies IV and $125 million to Sculptor Real Estate Fund IV.

TCDRS is a repeat investor to this Blackstone real estate debt series, having previously committed $100 million to the fund’s predecessor in 2015, while the commitment to the newly-named Sculpture Capital Management creates a new manager relationship.

The $31.92 billion US public pension has a 6.0 percent target allocation to private real estate that currently stands at 2.57 percent.

As illustrated below, TCDRS has made six commitments to private real estate funds with a 2019 vintage that combined constitute $744 million.

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