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 $93.75 million to Pennybacker V, according to a recent report on the pension’s website. The value-add fund is investing in retail, industrial, multi family / residential and office property in the United States.
The $29.16 billion US public pension has a 6.0 percent target allocation to real estate that currently stands at 2.52 percent.
As illustrated in the charts below, TCDRS’ commitment to Pennybacker V is its second commitment to a real estate fund with a 2019 vintage. The other was €90 million to Blackstone Real Estate Partners Europe VI.
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